Question
[The following information applies to the questions displayed below.] The following year-end information is taken from the December 31 adjusted trial balance and other records
[The following information applies to the questions displayed below.] The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company.
Advertising expense | $ 68,000 |
---|---|
Depreciation expenseOffice equipment | 47,000 |
Depreciation expenseSelling equipment | 48,000 |
Depreciation expenseFactory equipment | 90,000 |
Raw materials purchases (all direct materials) | 1,000,000 |
Maintenance expenseFactory equipment | 48,000 |
Factory utilities | 41,000 |
Direct labor | 560,000 |
Indirect labor | 84,000 |
Office salaries expense | 50,000 |
Rent expenseOffice space | 30,000 |
Rent expenseSelling space | 72,000 |
Rent expenseFactory building | 173,000 |
Sales salaries expense | 415,000 |
Required: Identify each cost as either a product cost or a period cost. If a product cost, classify it as direct materials, direct labor, or factory overhead. If a period cost, classify it as a selling expense or a general and administrative expense. (Leave no cell blank. Enter "NA - Not a product cost" or "NA - Not a period cost" for expenses that are not product cost or period cost.)
Required: Identify each cost as either a product cost or a period cost. If a product cost, classify it as direct materials, direct labor, or factory overhead. If a period cost, classify it as a selling expense or a general and administrative expense. (Leave no cell blank. Enter "NA Not a product cost" or "NA - Not a period cost" for expenses that are not product cost or period cost.)
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