Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Rav 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 $ 64,000 43,000 44,000 86,000 960,000 $ 192,000 197,000 58,000 3,134,000 62,000 81,000 89,000 46,800 40,200 544,000 82,000 49,000 29,000 70,000 ng 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 168,000 403,000 equired: Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement.

Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Rav 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 $ 64,000 43,000 44,000 86,000 960,000 $ 192,000 197,000 58,000 3,134,000 62,000 81,000 89,000 46,800 40,200 544,000 82,000 49,000 29,000 70,000 ng 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 168,000 403,000 equired: Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement.

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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Current Attempt in Progress Tamarisk Company reports the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary From the information: $14,800 12,120 3,840 47,120 77,440 132,480 8,000 Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising Office supplies used $66,480 44,320 2,400 1,280 1,920 14,400 2,510
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COMPUTE THE COST OF GOODS SOLD HOW TO ARRIVE AT THE NET INCOME IF A CORPORATION IS A MANUFACTURING CONCERN?
WHAT IS THE TOTAL COST OF GOODS SOLD?
A-Compute cost of goods manufactured. B- Compute cost of goods Sold. Complete both A and B
Beginning direct materials Beginning finished goods Beginning work in process Selling & administrative expenses Gross profit Cost of goods manufactured Factory overhead Direct labor $20,900 32,000 21,200 17,000 42,000 328,000 ? Direct materials purchases Ending direct materials Ending work in process Ending finished goods 124,100 24,800 16,500 40,000 Manufacturing costs incurred =
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