Required information Use the following information for the Problems below. (Algo) [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 $ 37,000 16,000 17,000 59,000 690,000 38, 700 34,800 436,000 65,000 39,000 23,000 55,000 132,000 317,000 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 $ 138,000 143,000 41,000 2,331,000 45,000 57,000 65,000 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.
Required information Use the following information for the Problems below. (Algo) [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 $ 37,000 16,000 17,000 59,000 690,000 38, 700 34,800 436,000 65,000 39,000 23,000 55,000 132,000 317,000 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 $ 138,000 143,000 41,000 2,331,000 45,000 57,000 65,000 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format
![Required information
Use the following information for the Problems below. (Algo)
[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
$ 37,000
16,000
17,000
59,000
690,000
38,700
34,800
436,000
65,000
39,000
23,000
55,000
132,000
317,000
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
$ 138,000
143,000
41,000
2,331,000
45,000
57,000
65,000
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffe8dd2c0-1cc1-4a47-99c9-ede587e70969%2F153af74c-3c5c-4528-aef0-25209c762321%2Fx5f7ut_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Use the following information for the Problems below. (Algo)
[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
$ 37,000
16,000
17,000
59,000
690,000
38,700
34,800
436,000
65,000
39,000
23,000
55,000
132,000
317,000
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
$ 138,000
143,000
41,000
2,331,000
45,000
57,000
65,000
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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