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 Required: Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning $ 166,850 Raw materials inventory, ending. 182,000 15,700 4,462,500 Direct materials Raw materials available for use 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement. Direct materials used Complete this question by entering your answers in the tabs below. Factory overhead 19,380 167,350 136,490 Required 1 Required 2 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 Total factory overhead Total manufacturing costs Total cost of work in process $ 28,750 7,250 8,600 Cost of goods manufactured 49,325 925,000 35,400 33,000 675,480 159,475 63,000 22,000 26,100 < Required 1 76,800 392,560 0 $ $ 0 0 0 Required 2 > 11
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 Required: Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning $ 166,850 Raw materials inventory, ending. 182,000 15,700 4,462,500 Direct materials Raw materials available for use 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement. Direct materials used Complete this question by entering your answers in the tabs below. Factory overhead 19,380 167,350 136,490 Required 1 Required 2 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 Total factory overhead Total manufacturing costs Total cost of work in process $ 28,750 7,250 8,600 Cost of goods manufactured 49,325 925,000 35,400 33,000 675,480 159,475 63,000 22,000 26,100 < Required 1 76,800 392,560 0 $ $ 0 0 0 Required 2 > 11
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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
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
Required 1
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.
Direct materials
Required 2
Complete this question by entering your answers in the tabs below.
Raw materials available for use
Direct materials used
Factory overhead
$ 166,850
182,000
15,700
4,462,500
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
Total factory overhead
Total manufacturing costs
19,380
167,350
136,490
Total cost of work in process
Cost of goods manufactured
$ 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
< Required 1
0
$
$
0
0
0
0
Required 2 >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa7d9b8d6-7d81-49b3-bd5b-ee3eb7f1493a%2F53b90475-8a44-4163-b4c8-4a4141887a06%2F7t9ekze_processed.png&w=3840&q=75)
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
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
Required 1
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.
Direct materials
Required 2
Complete this question by entering your answers in the tabs below.
Raw materials available for use
Direct materials used
Factory overhead
$ 166,850
182,000
15,700
4,462,500
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
Total factory overhead
Total manufacturing costs
19,380
167,350
136,490
Total cost of work in process
Cost of goods manufactured
$ 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
< Required 1
0
$
$
0
0
0
0
Required 2 >
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