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Loring Company incurred the following costs last year Direct materials $216000 Factory rent

Loring Company incurred 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. Be sure to total the amounts in each column. 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 unit productcost?

Apr 24 2020 View more View Less

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