Classifying Costs The following is a list of costs that were incurred in the production and...

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Classifying Costs The following is a list of costs that were incurred in the production and sale of large commercial airplanes: Classify each cost as either a product cost or a period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, r a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense. Classification Costs Period costs-administrative expense v a. Salary of chief compliance officer of company b. Power used by painting equipment c. Instrument panel Installed in the airplane cockpit d. Annual bonus paid to the chief operating officer of the company e. Turbo-charged airplane engine f. Interior trim material used throughout the airplane cabin g. Cost of normal scrap from phyduction of airplane body h. Hourly wages of employees that assemble the airplane i. Salary of the marketing department personnel j. Cost of paving the headquarters employee parking lot k. Cost of electrical wiring throughout the airplane I. Cost of electronic guidance system installed in the airplane cockpit m. Salary of plant manager roduct costs-factory overhead costv Product costs-direct materials cost Period costs-selling expense X Product costs-direct materials cost Product costs-direct materials cost v Product costs-direct labor cost X Period costs-selling expense X Period costs-administrative expense . Product costs-direct materials cost X Product costs-direct materials cost Product costs-direct materials cost v Product costs-factory overhead cost v

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Solution Answer: Explanation: d) Period costs-administrative expense g) Product costs-factory overhead cost h) Product Cost -

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