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 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 Work in process inventory, beginning Sales Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending equired: $ 66,000 45,000 46,000 $ 196,000 201,000 59,000 3,205,000 63,000 83,000 91,000 88,000 980,000 47,400 40,600 552,000 83,000 50,000 sing the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning Raw materials inventory, ending 30,000 72,000 173,000 415,000 1. Prepare the schedule of cost of goods manufactured for the current year. 2 Pronare the curront voar income statomont

FINANCIAL ACCOUNTING
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ISBN:9781259964947
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Chapter1: Financial Statements And Business Decisions
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Prepare the current year income statement.
Cost of goods sold
Goods available for sale
Cost of goods sold
Prepare the schedule of cost of goods manufactured for the current year.
Direct materials
Direct materials used
Raw materials available for use
Factory overhead
LEONE COMPANY
Schedule of Cost of Goods Manufactured
For Year Ended December 31
LEONE COMPANY
Income Statement
For Year Ended December 31
Total factory overhead
Total manufacturing costs
Total cost of work in process
Cost of goods manufactured
Transcribed Image Text:Prepare the current year income statement. Cost of goods sold Goods available for sale Cost of goods sold Prepare the schedule of cost of goods manufactured for the current year. Direct materials Direct materials used Raw materials available for use Factory overhead LEONE COMPANY Schedule of Cost of Goods Manufactured For Year Ended December 31 LEONE COMPANY Income Statement For Year Ended December 31 Total factory overhead Total manufacturing costs Total cost of work in process Cost of goods manufactured
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
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
Work in process inventory, beginning
Sales
$ 66,000
45,000
46,000
88,000
980,000
$ 196,000
201,000
59,000
3,205,000
63,000
83,000
91,000
47, 400
40, 600
552,000
83,000
50,000
30,000
72,000
Using the following additional information for Leone Company, complete the requirements below.
Raw materials inventory, beginning
Raw materials inventory, ending
173,000
415,000
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.
Transcribed Image Text: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 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 Work in process inventory, beginning Sales $ 66,000 45,000 46,000 88,000 980,000 $ 196,000 201,000 59,000 3,205,000 63,000 83,000 91,000 47, 400 40, 600 552,000 83,000 50,000 30,000 72,000 Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning Raw materials inventory, ending 173,000 415,000 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.
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