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Lettman Corporation has provided the following partial listing of costs incurred during November: Marketing salaries Property taxes, factory Administrative travel Sales commissions Indirect labor Direct materials Advertising $46,000 $17,200 $107,500 $48,900 $43,300 $174,500 $144,800 Depreciation of production equipment $45,200 Direct labor $90,900 Required: a. What is the total amount of product cost listed above? b. What is the total amount of period cost listed above?

Lettman Corporation has provided the following partial listing of costs incurred during November: Marketing salaries Property taxes, factory Administrative travel Sales commissions Indirect labor Direct materials Advertising $46,000 $17,200 $107,500 $48,900 $43,300 $174,500 $144,800 Depreciation of production equipment $45,200 Direct labor $90,900 Required: a. What is the total amount of product cost listed above? b. What is the total amount of period cost listed above?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Lettman Corporation has provided the following partial listing of costs incurred during November: Marketing salaries Property taxes, factory Administrative travel Sales commissions Indirect labor Direct materials Advertising $46,000 $17,200 $107,500 $48,900 $43,300 $174,500 $144,800 Depreciation of production equipment $45,200 Direct labor $90,900 Required: a. What is the total amount of product cost listed above? b. What is the total amount of period cost listed above?
Transcribed Image Text:Lettman Corporation has provided the following partial listing of costs incurred during November: Marketing salaries Property taxes, factory Administrative travel Sales commissions Indirect labor Direct materials Advertising $46,000 $17,200 $107,500 $48,900 $43,300 $174,500 $144,800 Depreciation of production equipment $45,200 Direct labor $90,900 Required: a. What is the total amount of product cost listed above? b. What is the total amount of period cost listed above?
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