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. What was the total product cost for last year?
2. What was the total period cost for last year?
3. If 30,000 units were produced last year, what was the unit product cost? Calculate your answer to the nearest cent.