Acct 202... need help preparing the company's 2019 schedule of cost of goods manufactured.
Required information The following information applies to the questions displayed below! The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories Raw materials, December 31, 2018 Raw materials, December 31, 2019 Work in process, December 31, 2018 Work in process, December 31, 2019 Finished goods, December 31, 2018 Finished goods, December 31, 2019 $ 28,750 Direct labor 7,250 Income taxes expense 8,600 Indirect labor 33,550 Miscellaneous production costs 102,680 Office salaries expense 7.350 Raw materials purchases 33,000 Rent expense-office space Rent expense-selling space 166,850 Rent expense-Factory building 182, Bee Maintenance expense-Factory equipment 15,7ee Sales 19,380 Sales salaries expense 167,350 136,490 $ 675,480 233,725 56,875 8,425 63,000 925,000 22,000 26,100 76,800 35,400 4,462,5801 392,560 Required: 1. Prepare the company's 2019 schedule of cost of goods manufactured. Answer is not complete. LEONE COMPANY Schedule of Cost of Goods Manufactured For Year Ended December 31, 2019 Direct materials RESOR T Raw materials inventory, December 31, 2018 s 166,850 Raw materials purchases NE O 925,000 Raw materials available for use EULE | 1,091,850 Direct materials used $ 1,091,850 33,550 Factory overhead Depreciation expense Factory equipment Factory supervision Factory supplies used Factory utilities Indirect labor Miscellaneous production costs Rent expense Factory building Maintenance expense-Factory equipment 102.600 7,350 33,000 56,875 8,425 76,800 35.400 00000000 OOO Total factory overhead costs Total manufacturing costs Add: Work in process inventory, December 31, 2018 Total cost of work in process Less: Work in process inventory, December 31, 2019 Cost of goods manufactured 354,000 1445,850 15,700 1,461,550 19.380 S 1,442,170 2. Prepare the company's 2019 Income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses. Answer is not complete. LEONE COMPANY Income Statement For Year Ended December 31, 2019 182.000 x Cost of goods sold Raw materials, December 31, 2010 Work in process. December 31, 2010 Finished goods inventory, December 31, 2018 Goods available for sale 10,380 107.350 388.730 Cost of goods sold 368.730 (368,730) Operating expenses Selling expenses Advertising expense Depreciation expense-Selling equipment Rent expense-Selling space 000 Total selling expenses General and administrative expenses Depreciation expense-Office equipment Office salaries expense Rent expense-Office space 7250 63.000 22.000 Total general and administrative expenses 92,250 Total operating expenses 155.700 Income before taxes (5244301 233 725 Income taxes expense Net income S (758, 155)
