Chapter 2, Problem 39E

Cost Classification

Loring Company incurred the following costs last year:

Required:

1. 1. Classify each of the costs using the following table format. Be sure to total the amounts in each column. Example: Direct materials, $216,000.

1. 2. What was the total product cost for last year?
2. 3. What was the total period cost for last year?
3. 4. If 30,000 units were produced last year, what was the unit product cost?