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I dont know if any of these are correct... Required information [The following information applies to the questions displayed below.] The following year-end Information is
I dont know if any of these are correct...
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 $ 28,750 Depreciation expense-Office equipment 7,250 Depreciation expense-Selling equipment 8,600 Depreciation expense-Factory equipment 49,325 Raw materials purchases (ali direct materials) 925, eee Maintenance expense-Factory equipment 35,400 Factory utilities 33, eee Direct labor 675,480 Indirect labor 159,475 Office salaries expense 63, eee Rent expense-Office space 22,800 Rent expense-Selling space 26,100 Rent expense-Factory building 76,800 Sales salaries expense 392,568 SC BE Next Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning $ 166,85 Raw materials inventory, ending 182,000 Work in process inventory, beginning 15,700 Sales 4,462,5ee Work in process inventory, ending 19, 380 Finished goods inventory, beginning 167, 350 Finished goods inventory, ending 136,490 Required: 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement of 2 LEONE COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Cost of goods manufactured Finished goods inventory, beginning Cost of goods sold Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross loss ok 1,935,650 167,350 2,103,000 4,206,000 (136,490) t ces 4,069,510 (4,069,510) CP (136,490) Less: Finished goods inventory, ending Cost of goods sold Gross loss 4,069,510 (4,069,510) $ (4,069,510) Step by Step Solution
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