The following is a list of costs incurred by severalbusinesses. Classify each of

Question

The following is a list of costs incurred by severalbusinesses.

Classify each of the preceding costs as product costs, or periodcosts. Indicate whether each product cost is a directmaterials cost, a direct labor cost or a factory overheadcost. Indicate whether each period cost is a selling expenseor an administrative expense. Use the following heading forpreparing the answer with an “X” in the correctcolumn.

                                      Productcost                                                   Periodcost

                             Direct       Direct        Factory                                        

                          Materials     Labor        Overhead                         Selling           Administrative

          Cost           Cost           Cost           Cost                              Expense              Expense

Explanation / Answer

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