accounting

Lettman Corporation has provided the following partial listing of costs incurred during November: Marketing salaries ($45,000) Property taxes, factory ($9,000), Administrative travel ($98,000) Sales Commissions ($48,000) Indirect Labor ($38,000) Direct Materials($165,000) Advertising ($138,000) Depreciation of production equipment ($39,000) Direct Labor ($87,000) Required : 1. What is the total amount of product cost listed above? 2. What is the total amount of period cost listed above? ( Please show exact steps to the solution. )

Expert Answer
SHIVSHANKAR
SHIVSHANKAR answered this Was this answer helpful?
1
0
319 answers
PARTICULARS	AMOUNT	PRODUCT COST	PERIOD COST
MARKETING SALARIES	45000		45000
PROPERTY TAXES, FACTORY	9000	9000
ADMINISTRATIVE TRAVEL	98000		98000
SALES COMMISSION	48000		48000
INDIRECT LABOUR	38000	38000
DIRECT MATERIALS	165000	165000
ADVERTISING	138000		138000
DEPRECIATION OF PRODUCTION EQUIPMENT	39000	39000
DIRECT LABOUR	87000	87000
TOTAL COSTS	667000	338000	329000