The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other
Question:
The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company.
Required
1. Classify each cost as either a product or period cost.
2. Classify each product cost as either direct materials, direct labor, or factory overhead.
3. Classify each period cost as either selling expenses or general and administrative expenses.
$ 28,750 Miscellaneous production costs. 7,250 Office salaries expense... 8,600 Raw materials purchases (direct materials). 33,550 Rent expense-Office space.. 102,600 Rent expense-Selling space . 7,350 Rent expense-Factory building.. 8,425 Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision...... Factory supplies used (indirect materials). Factory utilities Direct labor Indirect labor 63,000 925,000 22,000 26,100 76,800 35,400 4,462,500 392,560 33,000 Maintenance expense-Factory equipment 675,480 Sales Sales salaries expense 56,875
Step by Step Answer:
1 2 3 Product Cost Period Cost Costs Product Cost Period C...View the full answer
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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