Loring Company incured the following costs last year: Direct Materials $216,000 Factory Rent 24,000 Direct Labor 120,000 Factory Utilities 6,300 Supervision in the factory 50,000 Indirect...

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Loring Company incured the following costs last year:
Direct Materials $216,000
Factory Rent 24,000
Direct Labor 120,000
Factory Utilities 6,300
Supervision in the factory 50,000
Indirect labor in the factory 30,000
Depreciation on factory equipment 9,000
Sales commissions 27,000
Sales salaries 65,000
Advertising 37,000
Depreciation on the headquarters building 10,000
Salary of the corporate receptionist 30,000
Other administrative costs 175,000
Salary of the factory receptionist 28,000
Required:
1. Classify each of the costs using the following table format inexcel spread sheet. Be sure to total the amount in eachcolumn.
Example: Direct materials, $216,000.
2. What was the total product cost for last year?
3. What was the total period cost for last year?
4. If 30,000 units were produced last year, what was the unitproduct cost?

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Product cost includes direct material cost direct labor cost and manufacturing overhead cost It involves all expenses that are related to manufacturing operations Period cost includes costs other than product costs Question 1 Question 2 Question 3 Amount Product cost or period See Answer

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Loring Company incured the following costs last year:

Direct Materials	$216,000
Factory Rent	24,000
Direct Labor	120,000
Factory Utilities	6,300
Supervision in the factory	50,000
Indirect labor in the factory	30,000
Depreciation on factory equipment	9,000
Sales commissions	27,000
Sales salaries	65,000
Advertising	37,000
Depreciation on the headquarters building	10,000
Salary of the corporate receptionist	30,000
Other administrative costs	175,000
Salary of the factory receptionist	28,000

Required:
1. Classify each of the costs using the following table format inexcel spread sheet. Be sure to total the amount in eachcolumn.
Example: Direct materials, $216,000.
2. What was the total product cost for last year?
3. What was the total period cost for last year?
4. If 30,000 units were produced last year, what was the unitproduct cost?