The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company Advertising expense Depreciation expense office equipment Depreciation expense Selling equipment Depreciation expense Factory equipment Factory supervision Factory supplies used Factory utilities Direct labor Indirect labor Miscellaneous production coats office salaries expense Raw materiala purchases Rent expense office space Rent expense Selling space Rent expense Factory building Maintenance expenne Factory equipment Sales Sales salaries expense 34,000 9.500 9,600 39,250 107.760 11.350 35,700 699,000 64,200 8,650 67,400 970.000 28,200 29,100 78.000 42.000 4,812,500 401,360 'Assume that the raw materials inventory account is used only for direct materials. Indirect materials are recorded in a factory supplies account 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 Cost Type of Period 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 7. Factory utilities 8. Direct labor 9. Indirect labor 10. Miscellaneous production costs 11. Office salaries expense 12. Raw materials purchases 13. Rent expense-Office space 14. Rent expense-Selling space 15. Rent expense-Factory building 16. Maintenance expense-Factory equipment 17 Sales 16. Sales salaries expense | Shown here are annual financial data at December 31, 2017, taken from two different companies. Music World Retail Wave Board Manufacturing $ 155,000 $380,000 220,000 Beginning inventory Merchandise Finished goods Cout of purchases Cost of goods manufactured Ending inventory Merchandise Finished goods 588,000 120,000 170,000 Required: 1. Prepare the cost of goods sold section of the income statement at December 31, 2017, for each company in Merchandising Business and Manufacturing Business. Complete this question by entering your answers in the tabs below. Merch Business Mfg Business Prepare the cost of goods sold section of the income statement at December 31, 2017, for company in Merchandising Business. MUSIC WORLD RETAIL Partial Income Statement For Year Ended December 31, 2017 Cost of goods sold: Goods available for sale Cost of goods sold Merch Business Mfg Business Prepare the cost of goods sold section of the income statement at Deck Business WAVE-BOARD MFG. Partial Income Statement For Year Ended December 31, 2017 Cost of goods sold Goods available for sale Cost of goods sold