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The following year-end information is taken from the December 31 adjusted trial balance and other records of 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, ending Finished goods inventory, beginning Finished goods inventory, ending $ 44,000 23,000 24,000 66,000 760,000 $152,000 157,000 46,000 2,554,000 50,000 64,000 72,000 40,800 36,200 464,000 70,000 42,000 25,000 60,000 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 144,000 346,000 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

The following year-end information is taken from the December 31 adjusted trial balance and other records of 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, ending Finished goods inventory, beginning Finished goods inventory, ending $ 44,000 23,000 24,000 66,000 760,000 $152,000 157,000 46,000 2,554,000 50,000 64,000 72,000 40,800 36,200 464,000 70,000 42,000 25,000 60,000 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 144,000 346,000 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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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, ending Finished goods inventory, beginning Finished goods inventory, ending 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 $ 152,000 157,000 46,000 2,554,000 Required 1 Required 2 $ 44,000 23,000 24,000 66,000 50,000 64,000 72,000 Prepare the current year income statement. 760,000 40,800 36,200 464,000 70,000 42,000 25,000 60,000 144,000 346,000 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.
Transcribed Image Text: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, ending Finished goods inventory, beginning Finished goods inventory, ending 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 $ 152,000 157,000 46,000 2,554,000 Required 1 Required 2 $ 44,000 23,000 24,000 66,000 50,000 64,000 72,000 Prepare the current year income statement. 760,000 40,800 36,200 464,000 70,000 42,000 25,000 60,000 144,000 346,000 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.
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