Loring Company incurred the following costs last year:

Required:
1. Classify each of the costs using the following table format. Be sure to total the amounts in each column. Example: Direct materials, $216,000.

2. What was the total product cost for last year?
3. What was the total period cost for last year?
4. If 30,000 units were produced last year, what was the unit product cost?

Transcribed Image Text:

65,000 37,000 Direct moterials Factory rent Direct labor Factory utilities Supervision in the factory Indirect labor in the factory Depreciation on factory equipment ales commissionS $216,000 Sales salaries 24,000 Advertising 120,000 Depreciation on the headquarters building Salary of the corporate receptionist Other administrative costs Salary of the factory receptionist 6,300 10,000 30,000 175,000 28,000 50,000 30,000 9,000 27,000 Product Cost Period Cost Direct Manufac. Selling Administrative Materials Overhead xpnse Expense Costs Direct materials $216,000