Please do not give solution in image format thanku esAdvertising expenseDepreciation expense-Office equipmentDepreciation expense-Selling equipmentDepreciation expense-Factory equipment iRaw materials purchases (all direct materials)Maintenance expense-Factory equipmentFactory utilitiesDirect laborIndirect laborOffice salaries expenseRent expense-Office spaceRent expense-Selling spaceRent expense-Factory buildingSales salaries expenseWork in process inventory, endingFinished goods inventory, beginningFinished goods inventory, ending$ 58,00037,00838,00080,000900,00045,000$ 180,000185,00054,0002,960,00058,00076,00084,00039,000520,000Using the following additional information for Leone Company, complete the requirements below.Raw materials inventory, beginningRaw materials inventory, endingWork in process inventory, beginningSales78,00047,00028,00067,000161,000386,000Required:1. Prepare the schedule of cost of goods manufactured for the current year.2. Prepare the current year income statement.Complete this question by entering your answers in the tabs below.31

The cost of goods manufactured involves all the costs associated with the production of the…

Answered: 1. Prepare the schedule of cost of…

1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 5PB: Statement of cost of goods manufactured and income statement for a manufacturing company The...

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Question

Please do not give solution in image format thanku

es
Advertising expense
Depreciation expense-Office equipment
Depreciation expense-Selling equipment
Depreciation expense-Factory equipment i
Raw materials purchases (all direct materials)
Maintenance expense-Factory equipment
Factory utilities
Direct labor
Indirect labor
Office salaries expense
Rent expense-Office space
Rent expense-Selling space
Rent expense-Factory building
Sales salaries expense
Work in process inventory, ending
Finished goods inventory, beginning
Finished goods inventory, ending
$ 58,000
37,008
38,000
80,000
900,000
45,000
$ 180,000
185,000
54,000
2,960,000
58,000
76,000
84,000
39,000
520,000
Using the following additional information for Leone Company, complete the requirements below.
Raw materials inventory, beginning
Raw materials inventory, ending
Work in process inventory, beginning
Sales
78,000
47,000
28,000
67,000
161,000
386,000
Required:
1. Prepare the schedule of cost of goods manufactured for the current year.
2. Prepare the current year income statement.
Complete this question by entering your answers in the tabs below.
31

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List of accounts Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Cash Cost of Completed Service Contracts Cost of Goods Sold Depreciation Expense Employer Fringe Benefits Payable Employer Payroll Taxes Payable Factory Labor Factory Wages Payable Finished Goods Inventory Manufacturing Overhead Operating Overhead Prepaid Property Taxes Raw Materials Inventory Salaries and Wages Payable Sales Revenue Service Contracts in Process Service Salaries and Wages Supplies Utilities Payable Work in Process Inventory
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Product Cost Flows. Complete the following T-accounts.
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List of accounts Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Cash Cost of Completed Service Contracts Cost of Goods Sold Depreciation Expense Employer Fringe Benefits Payable Employer Payroll Taxes Payable Factory Labor Factory Wages Payable Finished Goods Inventory Manufacturing Overhead Operating Overhead Payroll Liabilities Prepaid Insurance Prepaid Property Taxes Property Tax Payable Raw Materials Inventory Salaries and Wages Payable Sales Revenue Service Contracts in Process Service Salaries and Wages Supplies Utilities Payable Work in Process inventory
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