U 1. Classify each ofthe costs using the table prmIided. Be sure to total the amounts in each column. If an amount box does not require an entry, leave it blank. Direct materials is shown as an example. Loring Company Product Cost: Product Cost: Product Cost: Period Cost: Period Cost: Direct Materials Direct Labor Manufacturing Overhead Selling Expense Administrative Expense Advertising l: :l l:] l:] :l DepreCIation on the headquarters building I: :l l:] l:] :] Salary of the corporate receptionist I: :l l:] l:] :] mi 4:] 6:] a: it: 4: 2. What was the total product cost For last year? The total product cost is E. 3. What was the total period cost for last year? The total period cost is E. 4. If 30,000 units were produced last year, what was the unit product cost? Round your answer to two deCimal places. The total unit product cost is D. Costs Cost Classification Loring Company incurred the following costs last year: Costs Amounts Direct materials $212,000 Factory rent 23,000 Direct labor 123,000 Factory utilities 7,000 Supervision in the factory 54,000 Indirect labor in the factory 38,000 Depreciation on factory equipment 6,600 Sales commissions 26,000 Sales salaries 62,000 Advertising 38,000 Depreciation on the headquarters building 11,800 Salary of the corporate receptionist 25,000 Other administrative costs 180,000 Salary of the factory receptionist 25,000 Required: 1. Classify each of the costs using the table provided. Be sure to total the amounts in each column. If an amount box does not require an entry, leave it blank. Direct materials is shown as an example