Required information Use the following information for the Problems below. (Algo) [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 Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense Problem 14-2A (Algo) Classifying costs LO C2 Advertising expense $ 30,000 9,000 10,000 52,000 620,000 36,600 33,400 408,000 Costs 61,000 37,000 22,000 53,000 equired: entify each cost as either a product cost or a period cost. If a product cost, classify it as direct materials, direct labor, or facto verhead. If a period cost, classify it as a selling expense or a general and administrative expense. ote: Leave no cell blank. Enter "NA - Not a product cost" or "NA - Not a period cost" for expenses that are not product com eriod cost. 127,000 305,000 Type of Product Cost Type of Period Cost
Required information Use the following information for the Problems below. (Algo) [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 Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense Problem 14-2A (Algo) Classifying costs LO C2 Advertising expense $ 30,000 9,000 10,000 52,000 620,000 36,600 33,400 408,000 Costs 61,000 37,000 22,000 53,000 equired: entify each cost as either a product cost or a period cost. If a product cost, classify it as direct materials, direct labor, or facto verhead. If a period cost, classify it as a selling expense or a general and administrative expense. ote: Leave no cell blank. Enter "NA - Not a product cost" or "NA - Not a period cost" for expenses that are not product com eriod cost. 127,000 305,000 Type of Product Cost Type of Period Cost
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Required information
Use the following information for the Problems below. (Algo)
[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
Rent expense-Office space
Rent expense-Selling space
Rent expense-Factory building
Sales salaries expense
Problem 14-2A (Algo) Classifying costs LO C2
Costs
$ 30,000
9,000
10,000
52,000
1. Advertising expense
2. Depreciation expense-Office equipment
620,000
36,600
33,400
408,000
61,000
37,000
22,000
53,000
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.
Note: Leave no cell blank. Enter "NA - Not a product cost" or "NA - Not a period cost" for expenses that are not product cost o
period cost.
127,000
305,000
Type of Product Cost
Type of Period Cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F96758705-1bb8-4d17-b260-a3e4a396b17c%2Fe9997673-11f9-4f14-ab14-badb616f22c8%2Fiup63g8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Use the following information for the Problems below. (Algo)
[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
Rent expense-Office space
Rent expense-Selling space
Rent expense-Factory building
Sales salaries expense
Problem 14-2A (Algo) Classifying costs LO C2
Costs
$ 30,000
9,000
10,000
52,000
1. Advertising expense
2. Depreciation expense-Office equipment
620,000
36,600
33,400
408,000
61,000
37,000
22,000
53,000
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.
Note: Leave no cell blank. Enter "NA - Not a product cost" or "NA - Not a period cost" for expenses that are not product cost o
period cost.
127,000
305,000
Type of Product Cost
Type of Period Cost
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