Required information [The following information applies to the questions displayed below] The following year-end information is taken from the December 31 adjusted trial balance and other records of Lea Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-factory equipment Raw materials purchases (all direct materials) Maintenance expense-factory equipment Factory utilities Direct labor Indirect labor office salaries expense. Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense $ 61,000 40,000 41,000 83,000 930,000 45,900 39,600 532,000 80,000 45,000 29,000 70,000 168,000 403,000
Required information [The following information applies to the questions displayed below] The following year-end information is taken from the December 31 adjusted trial balance and other records of Lea Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-factory equipment Raw materials purchases (all direct materials) Maintenance expense-factory equipment Factory utilities Direct labor Indirect labor office salaries expense. Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense $ 61,000 40,000 41,000 83,000 930,000 45,900 39,600 532,000 80,000 45,000 29,000 70,000 168,000 403,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Required information
[The following information applies to the questions displayed below]
The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone
Company.
Advertising expense
Depreciation expense-Office equipment
Depreciation expense-Selling equipment
Depreciation expense-Factory equipment
Raw materials purchases (all direct materials)
Maintenance expense-Factory equipment
Factory utilities
Direct labor
Indirect labor
office salaries expense
Rer expense-Office space
Rent expense-Selling space
Rent expense-Factory building
Sales salaries expense
$ 61,000
40,000
41,000
83,000
930,000
45,900
39,600
532,000
80,000
48,000
29,000
70,000
168,000
403,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F531d22d6-41e3-4ab6-9b43-fd8dca83c239%2F324d7944-3a3a-4676-8277-2145cbef88d7%2Fi8w90vr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below]
The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone
Company.
Advertising expense
Depreciation expense-Office equipment
Depreciation expense-Selling equipment
Depreciation expense-Factory equipment
Raw materials purchases (all direct materials)
Maintenance expense-Factory equipment
Factory utilities
Direct labor
Indirect labor
office salaries expense
Rer expense-Office space
Rent expense-Selling space
Rent expense-Factory building
Sales salaries expense
$ 61,000
40,000
41,000
83,000
930,000
45,900
39,600
532,000
80,000
48,000
29,000
70,000
168,000
403,000
![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
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
Type of Product Cost
→
Type of Period Cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F531d22d6-41e3-4ab6-9b43-fd8dca83c239%2F324d7944-3a3a-4676-8277-2145cbef88d7%2Fuujsxz_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
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
Type of Product Cost
→
Type of Period Cost
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