Answered step by step
Verified Expert Solution
Link Copied!

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 Depreciation expense-office

image text in transcribed
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 Depreciation expense-Selling equipment Depreciation expense-ractory equipment Factory supervision Factory supplies caed (indirect materiala l'actory utilities Direct labor Indirect labor Miscellaneous production costs office salaries expense Raw materials purchases (direct) Rent expense-office space Rent expense-selling space Rent expense-Pactory building Maintenance expense-ractory equipment Sales Sales salaries expense $ 31/ 750 3,250 3.600 33,950 104,460 9.850 34,200 741,000 65,800 10,225 67,400 955,000 24,400 26, 100 82,400 39.000 4.762,500 402,960 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 Product Cost or Period Cost Type of Product Cout Type of Perlod Cost 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. 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

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

Step: 3

blur-text-image

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

FINANCIAL & MANAGERIAL ACCOUNTING FOR DECISION MAKERS

Authors: Dyckman, Hanlon, Magee, Pfeiffer, Hartgraves, Morse

3rd Edition

1618532340, 9781618532343

More Books

Students also viewed these Accounting questions