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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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
Transcribed Image Text: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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