[The following information applies to the questions disp 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 Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Sales. $ 28,750 7,250 8,600 49,325 925,000 $ 166,850 182,000 15,700 4,462,500 19,380 167,350 136,490 35,400 33,000 675,480 159,475 63,000 sing the following additional information for Leone Company, complete the quirements below. 22,000 26,100 76,800 392,560 Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending quired: 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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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.
Raw materials inventory, beginning
Raw materials inventory, ending
Work in process inventory, beginning
Sales
Using the following additional information for Leone Company, complete the
requirements below.
$ 166,850
182,000
15,700
Required 1
$ 28,750
7,250
8,600
49,325
925,000
35,400
33,000
675,480
159,475
4,462,500
19,380
167,350
136,490
Required 2
63,000
22,000
26,100
76,800
392,560
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.
Prepare the schedule of cost of goods manufactured for the current year.
LEONE COMPANY
Schedule of Cost of Goods Manufactured
For Year Ended December 31
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. Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Sales Using the following additional information for Leone Company, complete the requirements below. $ 166,850 182,000 15,700 Required 1 $ 28,750 7,250 8,600 49,325 925,000 35,400 33,000 675,480 159,475 4,462,500 19,380 167,350 136,490 Required 2 63,000 22,000 26,100 76,800 392,560 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. Prepare the schedule of cost of goods manufactured for the current year. LEONE COMPANY Schedule of Cost of Goods Manufactured For Year Ended December 31
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