Babineaux Company incurred the following costs in May 2010:
‘Paid a six month (May through October) premium for insurance of company headquarters, $18,600.
‘Paid $1,000 fee for a salesperson to attend a seminar in July.
‘Paid three months (May through July) of property taxes on its factory building, $15,000.
‘Paid a $10,000 bonus to the company president for his performance during May 2010.
‘Accrued $20,000 of utility costs, of which 40 percent was for the headquarters and the remainder was for the factory.
a. What expired period costs are associated with the May information?
$
b. What unexpired period costs are associated with the May information?
$
c. What product costs are associated with the May information?
$
d. Discuss why the product cost cannot be described specifically as expired or unexpired in this situation.
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