The following costs apply to the manufacturing activities of King Company: Purchase of Raw Materials Direct Labor Indirect Labor 125,000 300,000 110,000 Factory Building Rent Raw Materials---BOY Balance Work-in-Progress---BOY Balance Finished Goods---BOY 200,000 121,000 210,000 320,000 Transfer of Raw Materials to WIP 200,000 Total Costs Transferred into Finished Goods 930,000 Cost of Goods Sold 1,100,000 Other items: Sales Operating Expenses Income Tax Expense 3,450,000 765,000 80,000 REQUIRED A: Classify Each of the Accounts as either a PRODUCT or PERIOD cost. Indicate Cost Type by placing a "X" in the appropriate column. Purchase of Raw Materials Direct Labor Indirect Labor Factory Building Rent Cost of Goods Sold Operating Expenses Income Tax Expense PRODUCT PERIOD