[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 LeoneCompany.Advertising expenseDepreciation expense-Office equipmentDepreciation expense-Selling equipmentDepreciation expense-Factory equipmentRaw materials purchases (all direct materials)Maintenance expense-Factory equipmentFactory utilitiesDirect laborIndirect laborOffice salaries expenseRent expense-Office spaceRent expense-Selling spaceRent expense-Factory buildingSales salaries expense$ 28,7507,2508,60049,325925,00035,40033,000675,480159,47563,00022,00026,10076,800392,560 Identify each cost as either a product cost or a period cost. If a product cost, classify it as direct materials, direct labor, or factoryoverhead. If a period cost, classify it as a selling expense or a general and administrative expense. (Leave no cell blank. Enter "NA -Not a product cost" or "NA - Not a period cost" for expenses that are not product cost or period cost.)Costs1. Advertising expense2. Depreciation expense-Office equipment3. Depreciation expense-Selling equipment4. Depreciation expense-Factory equipment5. Raw materials purchases (all direct materials)6. Maintenance expense-Factory equipment7. Factory utilities8. Direct labor9. Indirect labor10. Office salaries expense11. Rent expense-Office space12. Rent expense-Selling space13. Rent expense-Factory building14. Sales salaries expenseType of Product CostType of Period Cost

The product cost are directly or indirectly related to the production. The product cost can be…

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 $ 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

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 $ 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

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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The following are information related to April 2020 transaction of Magnolia company, manufacturer of ready-to-drink juice. The balances available on April 1, 2020 are the following: Raw Material Inventory: 1,000,000 and Work-in-process inventory: 2,000,000. Magnolia company uses calendar year as its accounting period. The following are data collected by the accountant for the quarter ended June 2020: a. It is magnolia’s policy to purchase raw materials amounting to half of the beginning raw materials inventory. b. The cost of goods manufacture based on the Magnolia’s cost sheets amounts to 1,125,000 c. Magnolia sold 20,000 bottles of ready-to-drink juice at a price of 150 each. d. The gross profit earned by the company from the second quarter sales is 575,000. e. The total conversion cost is 425,000. f. Upon physical count of the warehouse staffs with the supervision of the accountant, the following were obtained: Work-in-process inventory: 1,500,000 and Finished Goods inventory:…
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its Skipped eBook The following information is available for the year ended December 31: Beginning raw materials inventory Raw materials purchases Ending raw materials inventory Advertising expense The amount of raw materials used in production for the year is: $ 12, 200 88,400 11, 600 780
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