Required Information [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 $ 55,000 34,000 Depreciation expense-Selling equipment 35,000 Depreciation expense-Factory equipment 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 77,000 Raw materials purchases (all direct materials) $70,000 44,100 38,400 508,000 76,000 46,000 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: $ 174,000 179,000 52,000 2,890,000 56,000 73,000 81,000 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year Income statement.

Required Information [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 $ 55,000 34,000 Depreciation expense-Selling equipment 35,000 Depreciation expense-Factory equipment 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 77,000 Raw materials purchases (all direct materials) $70,000 44,100 38,400 508,000 76,000 46,000 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: $ 174,000 179,000 52,000 2,890,000 56,000 73,000 81,000 1. 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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