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 $ 31,750
The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company.
Advertising expense | $ | 31,750 | |||||
Depreciation expenseOffice equipment | 8,750 | ||||||
Depreciation expenseSelling equipment | 11,700 | ||||||
Depreciation expenseFactory equipment | 34,950 | ||||||
Factory supervision | 107,760 | ||||||
Factory supplies used (indirect materials) | 11,600 | ||||||
Factory utilities | 37,500 | ||||||
Direct labor | 690,000 | ||||||
Indirect labor | 64,800 | ||||||
Miscellaneous production costs | 9,775 | ||||||
Office salaries expense | 65,200 | ||||||
Raw materials purchases (direct) | 930,000 | ||||||
Rent expenseOffice space | 23,200 | ||||||
Rent expenseSelling space | 31,500 | ||||||
Rent expenseFactory building | 77,200 | ||||||
Maintenance expenseFactory equipment | 35,400 | ||||||
Sales | 4,762,500 | ||||||
Sales salaries expense | 400,560 | ||||||
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.)
assify each of the costs as either a product or period cost. Then, classify each of the product costs as either direct materials, dir bor, or factory overhead and each of the period costs as either selling or general and administrative expenses. (Leave no cell bl Product Cost or Costs Type of Product Cost Type of Period Cost Period Cost Advertising expense 2. Depreciation expense-Office equipment 3. Depreciation expense-Selling equipment Depreciation expense-Factory equipment 4 5. Factory supervision 6. Factory supplies used (indirect materials) 7. Factory utilities Direct labor 8. Indirect labor 9. 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 11 of 12 ... ASUS
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