Direct materials Schedule of Cost of Goods Manufactured For Year Ended December 31 Raw materials available for use Direct materials used

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
Total cost of work in process
Cost of goods manufactured
0
FA
$
0
0
0
0
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 Total cost of work in process Cost of goods manufactured 0 FA $ 0 0 0 0
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
$ 59,000
38,000
39,000
$ 182,000
187,000
55,000
2,984,000
59,000
77,000
85,000
81,000
910,000
45,300
39,200
524,000
79,000
47,000
28,000
67,000
161,000
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.
2. Prepare the current year income statement.
Complete this question by entering your answers in the tabs below.
Transcribed Image Text: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 $ 59,000 38,000 39,000 $ 182,000 187,000 55,000 2,984,000 59,000 77,000 85,000 81,000 910,000 45,300 39,200 524,000 79,000 47,000 28,000 67,000 161,000 386,000 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. 2. Prepare the current year income statement. Complete this question by entering your answers in the tabs below.
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