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.. 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 8,425 63,000 925,000 22,000 26,100 102,600 7,350 33,000 Sales Rent expense-Selling space. Rent expense-Factory building.. Maintenance expense-Factory equipment 76,800 35,400 4,462,500 392,560 675,480 56,875 ....- Sales salaries expense
Step by Step Answer:
Costs Product Cost Dir Mtls Dir Labor Overhead Period Co...View the full answer
Managerial Accounting
ISBN: 978-1260482935
7th edition
Authors: John J Wild, Ken W. Shaw, Barbara Chiappetta
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