Homework Help is Here – Start Your Trial Now!
Business
Accounting
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. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Prepare the current year income statement. LEONE COMPANY $ 166,850 182,000 15,700 Sales Cost of goods sold Cost of goods manufactured Finished goods inventory, beginning 4,462,500 19,380 167,350 136,490 Net income Income Statement For Year Ended December 31 Gross profit General and administrative expenses Selling expenses Goods available for sale Less: Finished goods inventory, ending Cost of goods sold ✓ $ 1,935,650 1,935,650 167,350 X $ 4,462,500 1,768,300 2,694,200 100,850 X $ 2,593,350

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. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Prepare the current year income statement. LEONE COMPANY $ 166,850 182,000 15,700 Sales Cost of goods sold Cost of goods manufactured Finished goods inventory, beginning 4,462,500 19,380 167,350 136,490 Net income Income Statement For Year Ended December 31 Gross profit General and administrative expenses Selling expenses Goods available for sale Less: Finished goods inventory, ending Cost of goods sold ✓ $ 1,935,650 1,935,650 167,350 X $ 4,462,500 1,768,300 2,694,200 100,850 X $ 2,593,350

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

please dont give image with solutions thank you

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 utilition Direct labor Indirect labor office salaries expense Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense $ 28,750 7,250 8,600 49,325 925,000 35,400 33,000 675,480 159,475 63,000 22,000 26,100 76,800 392,560 Using the following additional information for Leone Company, complete the requirements 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 utilition Direct labor Indirect labor office salaries expense Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense $ 28,750 7,250 8,600 49,325 925,000 35,400 33,000 675,480 159,475 63,000 22,000 26,100 76,800 392,560 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. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Prepare the current year income statement. LEONE COMPANY $ 166,850 182,000 15,700 Sales Cost of goods sold Cost of goods manufactured Finished goods inventory, beginning 4,462,500 19,380 167,350 136,490 Net income Income Statement For Year Ended December 31 Gross profit General and administrative expenses Selling expenses Goods available for sale Less: Finished goods inventory, ending Cost of goods sold ✓ $ 1,935,650 1,935,650 167,350 X $ 4,462,500 1,768,300 2,694,200 100,850 X $ 2,593,350
Transcribed Image Text: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. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Prepare the current year income statement. LEONE COMPANY $ 166,850 182,000 15,700 Sales Cost of goods sold Cost of goods manufactured Finished goods inventory, beginning 4,462,500 19,380 167,350 136,490 Net income Income Statement For Year Ended December 31 Gross profit General and administrative expenses Selling expenses Goods available for sale Less: Finished goods inventory, ending Cost of goods sold ✓ $ 1,935,650 1,935,650 167,350 X $ 4,462,500 1,768,300 2,694,200 100,850 X $ 2,593,350
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cost Sheet
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS