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.) The options for the drop down in section 1 are: direct labor, direct materials, factory overhead, NA- not a product cost the options for the drop down in section 2 are: general and administrative expenses, NA- not a period cost, selling expenses The following year-end information is taken from the December 31 adjusted trial balance and otherrecords of Leone Company.Advertising expenseDepreciation expense-0ffice equipmentDepreciation expense-Selling equipmentDepreciation expense-Factory equipmentRaw materials purchases (all direct materials)Maintenance expense-Factory equipmentFactory utilitiesDirect labor$ 30,0009,00010,00052,000620,00036,60033,400408,00061,00037,00022,00053,000127,000305,000Indirect laborOffice salaries expenseRent expense-Office spaceRent expense-Selling spaceRent expense-Factory buildingSales salaries expenseRequired:Identify each cost as either a product cost or a period cost. If a product cost, classify it as direct materials, direct labor, orfactory overhead. If a period cost, classify it as a selling expense or a general and administrative expense. (Leave no cellblank. Enter "NA - Not a product cost" or "NA - Not a period cost" for expenses that are not product cost or period cost.) Required:Identify each cost as either a product cost or a period cost. If a product cost, classify it as direct materials, direct labor, orfactory overhead. If a period cost, classify it as a selling expense or a general and administrative expense. (Leave no cellblank. Enter "NA - Not a product cost" or "NA - Not a period cost" for expenses that are not product cost or period cost.)CostsType of Product CostType of Period Cost1. Advertising expense2. Depreciation expense-Office equipment3. Depreciation expense-Selling equipment4. Depreciation expense-Factory equipment5. Raw materials purchases (all direct materials)6. Maintenance expense-Factory equipment7. Factory utilities8. Direct labor9. Indirect labor10. Office salaries expense11. Rent expense-Office space12. Rent expense-Selling space13. Rent expense-Factory building14. Sales salaries expense

Name: Required:Identify each cost as either a product cost or a period cost.
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: 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.