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Wheels, Inc. manufactures wheels for bicycles, tricycles, and scooters. For each cost given below, determine if the cost is a product cost or a period

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Wheels, Inc. manufactures wheels for bicycles, tricycles, and scooters. For each cost given below, determine if the cost is a product cost or a period cost. If the cost is a product cost, further determine if the cost is direct materials (DM), direct labor (DL), or manufacturing overhead (MOH) and then determine if the product cost is a prime cost, conversion cost, or both. If the cost is a period cost, further determine if the cost is a selling expense or administrative expense (Admin). Cost (a) Is answered as a guide. (If an answer does not apply, leave the box blank.) Product Product Period Cost DM DL MOH Prime Conversion Selling Admin. a. Metal used for rims X X b. Sales salaries c. Rent on factory (I. Wages of assembly workers Product Cost DM DL MOH P a. Metal used for rims X b. Sales salaries C. Rent on factory d. Wages of assembly workers X

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