Exam #1 Chapters t, 2 and 3 Help Seve & Exit Submit The foilowing caiendar year

Question

Exam #1 Chapters t, 2 and 3 Help Seve & Exit Submit The foilowing caiendar year end information as taken from the December 31, 2017, adjusted trial baiance and other records of Leone Company s taken from the December 31, 2017, adjusted trial balance and other records of Leone Depreciat son uxpense-offsce equipment Depreciat ton expense-selling equiment ,000 9,250 10, 200 4,550 4 5ep reciation expens-Factory equipment Factory supervisic Pactory supplles used Factory stilitss Durect Labor 103, 860 , eso 15, 700 a4,000 Niacellaneous production geets 10, 000 71,1100 930, 000 Raw natezials purchae bent expenae-o Rent expense-s-lling spa Rent expense-Factory bullding Maint enasce expenae- Factory squipment tice apace 28,800 81,600 4,400 t,812,500 98.960 Sales nalaries sxpenae Assume that the e raw materials inventory account is used only for direct materials Indirect materials are rec orded in a factory supplies Required Classify labor or factory overhead and each of the period costs as either selling or general and administrative expenses. (Leave no cei each of the costs as either a product or period cost. Then, classify each of the product costs as either direct materials, direct Costs Type of Period Cost Period Cost Type of Product Cost 1.Advertising expense 4 Deprociation expense-Factory eqipment 5 Factory supervision 6Factory supplies used 7. Factory uties B Direct labor 9 Indrect labor 10 Mscellansous production costs 2 Raw materia's purchases 13, Rent expense-Office space 14, Rent expense Selling space 15 Rant expense Factory buiding 16 Maintenance expense-Fackory eqapment 17 Sa 18, Sales salaries xperse

Explanation / Answer

COST PERIOD/PRODUCT COST TYPE OF PRODUCT COST TYPE OF PERIOD COST 1 Advertisement expense Period cost NA Selling Expenses 2 Dep expense-Office Equipment Period cost NA General and Admin expenses 3 Dep expense-Selling equip Period cost NA Selling Expenses 4 Dep exp-Factory Equipment Product cost Factory overhead NA 5 Factory supervision Product cost Factory overhead NA 6 Factory supplies Used Product cost Factory overhead NA 7 Factory utilities Product cost Factory overhead NA 8 Direct labour Product cost Direct labour NA 9 Indirect labour Product cost Factory overhead NA 10 Misc Product Cost Product cost Factory overhead NA 11 Office Salaries expense Period cost NA General and Admin expenses 12 Raw material purchased Product cost Direct material NA 13 Rent expense-Office space Period cost NA General and Admin expenses 14 Rent -Selling space Period cost NA Selling Expenses 15 Rent expense-factory building Product cost Factory overhead NA 16 Maintenance Expense-Factory equip Product cost Factory overhead NA 17 Sales Not a cost NA NA 18 Sales Salaries expense Period cost NA Selling Expense

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