Chapter 1 Homework Set Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion 7 Part 2 of 2 3 pots 7,25 Required information The following information applies to the questions displayed below) The following year-end Information is taken from the December touted trial balance and other records of Leone Company Advertising expense $ 20,254 Depreciation expense-office equipment Depreciation expense-Selling equipment 1,6 Depreciation expense-Factory equipment 40,125 Raw materials purchases (all direct ateriats) 925,000 Maintenance expense-Factory equipos 35,400 Factory utilities 33.000 Direct labor 675,450 Indirect labor 159,475 office salaries expense 63.000 Hent expense-Office Space 22.000 20,100 Rent expense-selling space Rent expense Factory building 70,000 Sales salaries expense 392,560 Using the following additional information for Leone Company, complete the requirements below Raw materials inventory, beginning $ 165,50 Raw materials inventory, ending 182,00 work in process inventory, beginning 15.00 Sales 4.462.500 Work in process inventory, and the 19.30 Finished goods Inventory beginning 267,350 Finished goods Inventory, ending 136,490 Next > 7 Ac Graw Required information 2 of 2 For Year Ended December 31 Direct materials Raw materials inventory, beginning Raw materials purchases s > >$ 166,850 925,000 es 1,091,850 182,000 Raw materials available for use Less: Raw materials inventory ending Direct materials used Direct labor Factory overhead IS 909,850 675,480 > Factory utilities Maintenance expense-Factory equipment Rent expense Factory building Depreciation expense-Factory equipment olololo 33,000 35,400 76,800 49,325 > 159,475 > Indirect labor Total factory overhead Total manufacturing costs Add: Work in process inventory, beginning Total cost of work in process + Less: Work in process inventory, ending Cost of goods manufactured 354,000 1,939,330 15.700 1.955,030 19,380 $ 1,935,650 BB SM Retur Required information Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the current year income statement. $ 4,462,500 LEONE COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Finished goods inventory, beginning ls Cost of goods manufactured 167,350 1,935,650 > 2,103,000 136.490 Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit General and administrative expenses 1,966,510 2.495.990 92,250 $ 2.403,740 ::: Next >