The following year-end information is taken from the December 31 adjusted trial balance and other records...
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The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense $ 49,000 Depreciation expense-Office equipment Depreciation expense-Selling equipment 28,000 29,000 Depreciation expense-Factory equipment 71,000 810,000 Raw materials purchases (all direct materials) Maintenance expense-Factory equipment 42,300 37,200 Factory utilities Direct labor Indirect labor 484,000 73,000 44,000 26,000 Office salaries expense Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense 62,000 149,000 358,000 Required: Identify each cost as either a product cost or a period cost. If a product cost, classify it as direct materials, direct labor, or factory overhead. If a period cost, classify it as a selling expense or a general and administrative expense. (Leave no cell blank. Enter "NA - Not a product cost" or "NA - Not a period cost" for expenses that are not product cost or period cost.) Costs Type of Product Cont Type of Period Cost 1. Advertising expense 2. Depreciation expense-Office equipment 3. Depreciation expense-Selling equipment 4. Depreciation expense-Factory equipment 5. Raw materials purchases (all direct materials) 6. Maintenance expense-Factory equipment 7. Factory utilities 8. Direct labor 9. Indirect labor 10. Office salaries expense 11. Rent expense-Office space 12. Rent expense-Selling space 13. Rent expense-Factory building 14. Sales salaries expense The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense $ 49,000 Depreciation expense-Office equipment Depreciation expense-Selling equipment 28,000 29,000 Depreciation expense-Factory equipment 71,000 810,000 Raw materials purchases (all direct materials) Maintenance expense-Factory equipment 42,300 37,200 Factory utilities Direct labor Indirect labor 484,000 73,000 44,000 26,000 Office salaries expense Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense 62,000 149,000 358,000 Required: Identify each cost as either a product cost or a period cost. If a product cost, classify it as direct materials, direct labor, or factory overhead. If a period cost, classify it as a selling expense or a general and administrative expense. (Leave no cell blank. Enter "NA - Not a product cost" or "NA - Not a period cost" for expenses that are not product cost or period cost.) Costs Type of Product Cont Type of Period Cost 1. Advertising expense 2. Depreciation expense-Office equipment 3. Depreciation expense-Selling equipment 4. Depreciation expense-Factory equipment 5. Raw materials purchases (all direct materials) 6. Maintenance expense-Factory equipment 7. Factory utilities 8. Direct labor 9. Indirect labor 10. Office salaries expense 11. Rent expense-Office space 12. Rent expense-Selling space 13. Rent expense-Factory building 14. Sales salaries expense
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Cost Type of product cost Type of period cost Advertising Expense SEllin... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0077862275
22nd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
Posted Date:
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