Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

! Required information The following information applies to the questions displayed below) The following year-end information is taken from the December 31 adjusted trial balance

image text in transcribed
! Required information The following information applies to the questions displayed below) The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company Advertising expense Depreciation expense-office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Raw materials purchases (all direct materials) Maintenance expense-Factory equipment Factory utilities Direct labor Indirect labor Office salaries expense Rent expense-office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense $ 28,750 7,250 8,600 49,325 925,000 35, 4ee 33,000 675,480 159,475 63,000 22,000 26,100 76,800 392,560 Required: Identity each cost as either a product cost or a period cost. If a product cost, classify it as direct materials, direct labor, or factory overhead. If a period cost, classify it as a selling expense or a general and administrative expense (Leave no cell blank. Enter "NA- Not o product cost" or "NA- Not a period cost" for expenses that are not product cost or period cost.) Costs Type of Product Cont Type of Period Cost 1. Advertising expense 2. Depreciation expense.Office equipment 3. Depreciation expenso-Selling equipment 4. Depreciation expense Factory equipment 5. Raw materials purchases (all direct materials) 6. Maintenance expense.Factory equipment 7. Factory utilities 8. Direct labor 9. Indirect labor 10. Office salarios expense 11. Rent expense. Orice space 12. Rent expense-Selling space 13. Rent expense-Factory building 14. Sales salaries expense

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Internal Auditing In Plain English A Simple Guide To Super Effective ISO Audits

Authors: Craig Cochran

1st Edition

1932828168, 978-1932828160

More Books

Students also viewed these Accounting questions

Question

What is the formula to calculate the mth Fibonacci number?

Answered: 1 week ago