Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company. Advertising expense 31,000
The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company. Advertising expense 31,000 Depreciation expense-Office equipment. 9,000 Depreciation expense-Selling equipment 11,900 Depreciation expense-Factory equipment 38,350 Factory supervision 109,860 Factory supplies used (indirect materials) 9,850 Factory utilities 36,900 Direct labor 747,000 Indirect labor 60,800 Miscellaneous production costs 11,125 Office salaries expense 63,550 Raw materials purchases (direct) 970,000 Sales Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Maintenance expense-Factory equipment Sales salaries expense 26,200 30,000 83,600 38,100 4,562,500 399,760 Required: Classify each of the costs as either a product or period cost. Then, classify each of the product costs as either direct materials, direct labor, or factory overhead and each of the period costs as either selling or general and administrative expenses. (Leave no cell blank.) Costs 1. Advertising expense 2 Depreciation expense-Office equipment 3. Depreciation expense-Selling equipment 4. Depreciation expense-Factory equipment 5 Factory supervision 6. Factory supplies used (indirect materials) 7. Factory utilities 8. Direct labor 9. Indirect labor 10 erallanan inte Product Cost or Period Cost Type of Product Cost Type of Period Cost
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started