Question
The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-office
The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-office equipment 28,750 7,250 Depreciation expense-Selling equipment 8,600 Depreciation expense-Factory equipment 33,550 Factory supervision 102,600 Factory supplies used (indirect materials) 7,350 Factory utilities 33,000 Direct labor 675,480 Indirect labor 56,875 Miscellaneous production costs 8,425 Office salaries expense 63,000 Raw materials purchases (direct) Rent expense-office space Rent expense-Selling space Rent expense-Factory building Maintenance expense-Factory equipment Sales Sales salaries expense Required: 925,000 22,000 26,100 76,800 35,400 4,462,500 392,560 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.) 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.) 1. Advertising expense Costs it 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. Miscellaneous production costs 11. Office salaries expense 12. Raw materials purchases (direct) 13. Rent expense-Office space 14. Rent expense-Selling space 15. Rent expense-Factory building 16. Maintenance expense-Factory equipment 17. Sales 18. Sales salaries expense Product Cost or Period Cost Type of Product Cost Type of Period Cost
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