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The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Direct labor Indirect labor Miscellaneous production costs Office salaries expense Raw materials purchases* Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Maintenance expense-Factory equipment Sales Sales salaries expense Costs 1. Advertising expense 2. Depreciation expense-Office equipment 3. Depreciation expense-Selling equipment 4. Depreciation expense-Factory equipment $ 32,500 8,750 10,400 39,750 187,760 *Assume that the raw materials inventory account is used only for direct materials. Indirect materials are recorded in a factory supplies account. 5. Factory supervision 6. Factory supplies used Required: Classify each of the costs as either a product or period cost. Then, classify each of the product costs as either direct materials, direct labor, or factory overhead and each of the period costs as either selling or general and administrative expenses. (Leave no cell blank.) 7. Factory utilities 8. Direct labor 9. Indirect labor 10 Miscellaneous production costs 11. Office salaries expense 12 Raw materials purchases 13 Rent expense-Office space 14 Rent expense-Selling space 15. Rent expense-Factory building 16 Maintenance expense-Factory equipment 17 Sales 18 Sales salaries expense 7,600 33,600 684,000 66,600 8,650 69,600 955,000 25,000 31,800 80,800 39,000 4,662,500 392,560 Product Cost or Period Cost Type of Product Cost Type of Period Cost

The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Direct labor Indirect labor Miscellaneous production costs Office salaries expense Raw materials purchases* Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Maintenance expense-Factory equipment Sales Sales salaries expense Costs 1. Advertising expense 2. Depreciation expense-Office equipment 3. Depreciation expense-Selling equipment 4. Depreciation expense-Factory equipment $ 32,500 8,750 10,400 39,750 187,760 *Assume that the raw materials inventory account is used only for direct materials. Indirect materials are recorded in a factory supplies account. 5. Factory supervision 6. Factory supplies used Required: Classify each of the costs as either a product or period cost. Then, classify each of the product costs as either direct materials, direct labor, or factory overhead and each of the period costs as either selling or general and administrative expenses. (Leave no cell blank.) 7. Factory utilities 8. Direct labor 9. Indirect labor 10 Miscellaneous production costs 11. Office salaries expense 12 Raw materials purchases 13 Rent expense-Office space 14 Rent expense-Selling space 15. Rent expense-Factory building 16 Maintenance expense-Factory equipment 17 Sales 18 Sales salaries expense 7,600 33,600 684,000 66,600 8,650 69,600 955,000 25,000 31,800 80,800 39,000 4,662,500 392,560 Product Cost or Period Cost Type of Product Cost Type of Period Cost

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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The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Direct labor Indirect labor Miscellaneous production costs Office salaries expense Raw materials purchases* Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Maintenance expense-Factory equipment Sales Sales salaries expense Costs 1. Advertising expense 2. Depreciation expense-Office equipment 3. Depreciation expense-Selling equipment 4. Depreciation expense-Factory equipment $ 32,500 8,750 10,400 39,750 187,760 *Assume that the raw materials inventory account is used only for direct materials. Indirect materials are recorded in a factory supplies account. 5. Factory supervision 6. Factory supplies used Required: Classify each of the costs as either a product or period cost. Then, classify each of the product costs as either direct materials, direct labor, or factory overhead and each of the period costs as either selling or general and administrative expenses. (Leave no cell blank.) 7. Factory utilities 8. Direct labor 9. Indirect labor 10 Miscellaneous production costs 11. Office salaries expense 12 Raw materials purchases 13 Rent expense-Office space 14 Rent expense-Selling space 15. Rent expense-Factory building 16 Maintenance expense-Factory equipment 17 Sales 18 Sales salaries expense 7,600 33,600 684,000 66,600 8,650 69,600 955,000 25,000 31,800 80,800 39,000 4,662,500 392,560 Product Cost or Period Cost Type of Product Cost Type of Period Cost
Transcribed Image Text:The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Direct labor Indirect labor Miscellaneous production costs Office salaries expense Raw materials purchases* Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Maintenance expense-Factory equipment Sales Sales salaries expense Costs 1. Advertising expense 2. Depreciation expense-Office equipment 3. Depreciation expense-Selling equipment 4. Depreciation expense-Factory equipment $ 32,500 8,750 10,400 39,750 187,760 *Assume that the raw materials inventory account is used only for direct materials. Indirect materials are recorded in a factory supplies account. 5. Factory supervision 6. Factory supplies used Required: Classify each of the costs as either a product or period cost. Then, classify each of the product costs as either direct materials, direct labor, or factory overhead and each of the period costs as either selling or general and administrative expenses. (Leave no cell blank.) 7. Factory utilities 8. Direct labor 9. Indirect labor 10 Miscellaneous production costs 11. Office salaries expense 12 Raw materials purchases 13 Rent expense-Office space 14 Rent expense-Selling space 15. Rent expense-Factory building 16 Maintenance expense-Factory equipment 17 Sales 18 Sales salaries expense 7,600 33,600 684,000 66,600 8,650 69,600 955,000 25,000 31,800 80,800 39,000 4,662,500 392,560 Product Cost or Period Cost Type of Product Cost Type of Period Cost
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