Exercise 1-2 Presented below is a list of costs and expenses usually incurred by Barnum Corporation, a manufacturer of furniture, in its factory. Classify the below items into the following categories: (a) direct materials, (b) direct labor, and (c) manufacturing overhead. Item Category 1Salaries for assembly line inspectors. Insurance on factory machines Property taxes on the factory building. Factory repairs E Upholstery used in manufacturing furniture Wages paid to assembly line workers. Factory machinery depreciation. Glue, nails, paint, and other small parts used in production, 9 Factory supervisors' salaries. Wood used in manufacturing furniture. Exercise 1-4 Knight Company reports the following costs and expenses in May. 70 300 46,700 3,100 Factory utilities Depreciation on factory equipment Depreciation on delivery trucks for sales office Indirect factory labor indirect materials Direct materials used Factory manager's salary $17,400 Direct labor 5 13,850l Sales salaries 20l | Property taxes on factory 3,900 on factory building 2001 Repairs to sales office 53,700 lequipment 84,200l Factory repairs 137,700 Advertising 8,700 Sales Office supplies used 1,500 2,220 15.900 2.770 . Determine the total amount of manufacturing overhead. Show work. b. Determine the total amount of product costs. Show work. .. Determine the total amount of period costs. Show work. Exercise 1-8 Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $48,300 Depreciation on plant Property taxes on store Labor costs of assembly-line workers $126,00 Advertising expense 65,900 Property taxes on plant 8,030 Delivery expense 115,200 Sales commissions 23,500 30,200 37,200 Factory supplies used 32,200l Salaries paid to sales o clerks 55,400 Work in process inventory was $14,400 at January 1 and $17,400 at December 31. Finished goods inventory was $64,000 at January 1 and $45,900 at December 31. a. Compute cost of goods manufactured. Show work. b. Compute cost of goods sold. Show work