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PROBLEM 1-23 Cost Classification LO1-1, LO1-3, LO1-4 Listed below are costs found in various organizations 1. Property taxes, factory 2. Boxes used for packaging detergent produced by the company 3. Salespersons' commissions 4. Supervisor's salary, factory 5. Depreciation, executive autos 6. Wages of workers assembling computers 7. Insurance, finished goods warehouses 8. Lubricants for production equipment 9. Advertising costs 10. Microchips used in producing calculators. 1 Shipping costs on merchandise sold 12. Magazine subscriptions, factory lunchroom. 13. Thread in a garment factory 14. Executive life insurance 15. Ink used in textbook production 16. Fringe benefits, materials handling workers 17. Yarn used in sweater production 18. Wages of receptionist, executive offices Required: Prepare an answer sheet with column headings as shown below. For each cost item, indicate whether it would be variable or fixed with respect to the number of units produced and sold; and then whether it would be a selling cost, an administrative cost, or a manufacturing cost. If it is a manufacturing cost, indi- cate whether it is a direct cost or an indirect cost with respect to units of product. Three sample answers are provided for illustration. Manufacturing (Product) Cost Selling Cost Administrative Variable Cost Item or Fixed Cost Direct Indirect Direct labor Executive salaries. F X Factory rent... F X