Problem 1-2A Classifying costs LO C2, C3 The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company $ 28,750 7,250 8,600 33,550 Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense Factory equipment Factory supervision Factory supplies used Factory utilities Direct labor Indirect labor Miscellaneous production costs office salaries expense Raw materials purchases Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Maintenance expense-Factory equipment Sales Sales salaries expense 102,600 7,350 33,000 675, 480 56,875 8,425 63,000 925,000 22,000 26,100 76, 800 35,400 4,462,500 392,560 Assume that the raw materials inventory account is used only for direct materials, Indirect materials are recorded in a factory supplies account. Required: Classify each of the costs as either a product or period cost. Then classif each of the product costs as either direct materials, direct labor or factory overhead and each of the period costs as either selling or general and administrative expenses. (Leavenesc account Required: Classify each of the costs as either a product or period cost. Then, classify each of the product costs as either direct materials, direct labor, or factory overhead and each of the period costs as either selling or general and administrative expenses. (Leave no cell blonka Product Cost or Period Cost Type of Product Cost Type of Pried Cost 1. Advertising expense 2. Depreciation expense Office equipment 3. Depreciation expense-Selling equipment 4. Depreciation expense Factory equipment 5. Factory supervision 6. Factory supplies used 7. Factory utilities 8. Direct labor 0. Indirect labor 10 Miscellaneous production costs 11 Office salaries expense 12 Raw materials purchases 13 Rent expense-Office space 14 Rent expense-Selling space 15 Rent expense-Factory building 10 Maintenance expenseFactory equipment 18 Sales salaries expense