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

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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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[The following information applies to the questions displayed below.] The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment 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 $ 57,000 36,000 37,000 $ 178,000 183,000 53,000 2,936,000 57,000 74,000 82,000 79,000 890,000 44,700 38,800 516,000 77,000 46,000 28,000 67,000 161,0 386,000 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 Work in process inventory, ending Finished goods inventory, beginning. Finished goods inventory, ending Required: 1. Prepare the schedule of cost of goods manufactured for the current year.
Transcribed Image Text:[The following information applies to the questions displayed below.] The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment 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 $ 57,000 36,000 37,000 $ 178,000 183,000 53,000 2,936,000 57,000 74,000 82,000 79,000 890,000 44,700 38,800 516,000 77,000 46,000 28,000 67,000 161,0 386,000 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 Work in process inventory, ending Finished goods inventory, beginning. Finished goods inventory, ending Required: 1. Prepare the schedule of cost of goods manufactured for the current year.
Direct materials Raw materials available for use Direct materials used Factory overhead LEONE COMPANY Schedule of Cost of Goods Manufactured For Year Ended December 31 Total factory overhead Total manufacturing costs Required information Cost of goods sold Goods available for sale Cost of goods sold LEONE COMPANY Income Statement For Year Ended December 31 <Required 1
Transcribed Image Text:Direct materials Raw materials available for use Direct materials used Factory overhead LEONE COMPANY Schedule of Cost of Goods Manufactured For Year Ended December 31 Total factory overhead Total manufacturing costs Required information Cost of goods sold Goods available for sale Cost of goods sold LEONE COMPANY Income Statement For Year Ended December 31 <Required 1
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