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TUTORIAL 1 E1-6 Classifying Costs _ LO 1-4 Dirk Inc. produces and sells model cars. It incurs the costs listed in the following table. Required: Use an X to categorize each of the following costs. You may have more than one X for each item. PRODUCT COSTS Period Cost | Variable Cost | Fixed Cost Direct Materials | Direct Labor | Mig. Overhead CFO salary Factory utilities Factory supervisor salary Store equipment depreciation Factory equipment depreciation Advertising (monthly) Model car tires Store property taxes Factory insurance Factory worker wages Marketing manager salary Glue and screws Machine maintenance costsPA1-4 Classifying Costs; Calculating Total Costs; Identifying Impact of Misclassification LO 1-4 Assume that Suzie Whitson ( PA1-2) has decided to begin production of her outdoor children's toy. Her company is Jiffy Jet and costs for last month follow. Factory rent $ 3.200 Company advertising 1.000 Wages paid to assembly workers 30.000 Depreciation for salespersons' vehicles 2.000 Screws 500 Utilities for factory 900 Assembly supervisor's salary 3.500 Sandpaper 150 President's salary 6.000 Plastic tubing 4.200 Paint 250 Sales commissions 1,200 Factory insurance 1.000 Depreciation on cutting machines 2,000 Wages paid to painters 7.500 Required: 1. Identify each of the preceding costs as either a product or a period cost. If the cost is a product cost, decide whether it is for direct materials (DM), direct labor (DL), or manufacturing overhead (MOH). 2. Identify each of the preceding costs as variable or fixed cost. 3. Determine the total cost for each of the following Page 42 d. Direct materials. e. Direct labor. f. Manufacturing overhead. g. Prime cost h. Conversion cost. i. Total product cost. j. Total period cost. k. Total variable cost. 1. Total fixed cost. 2/2