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I need help computing Cost of Goods Manufactured, thanks! Required information (The following information applies to the questions displayed below. The following calendar year-end information
I need help computing Cost of Goods Manufactured, thanks!
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. $ 29,700 11,100 10,400 33,800 144,800 8,400 37,000 Advertising expense Depreciation expense-Offica 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, 2017 Work in process, December 31, 2018 Work in process, December 31, 2019 Finished goods, December 31, 2018 Finished goods, December 31, 2019 Direct labor Income taxes expense Indirect labor Miscellaneous production costs Office salaries expense Raw materials purchases Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Maintenance expense-Factory equipment Sales Sales salaries expense $ 678,300 274,000 56,000 11,400 64,000 959,000 26,000 29,600 82,300 37,700 4,596,100 390, 400 165,200 191,000 15,200 24,200 168,900 137,200 2. Prepare the company's 2019 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses. Required information LEONE COMPANY Income Statement For Year Ended December 31, 2019 Sales Cost of goods sold Cost of goods manufactured $ 1,669,000 Finished goods inventory, December 31, 2018 168,900 $ 4,596,100 1,837,900 137,200 1,700,700 2,895,400 Goods available for sale Less: Finished goods inventory, December 31, 2019 Cost of goods sold Gross profit from sales Operating expenses Selling expenses Depreciation expense-Selling equipment Rent expense-Selling space Sales salaries expense Advertising expense OOO 10,400 29,600 390,400 29,700 460,100 Total selling expenses General and administrative expenses Depreciation expense-Office equipment Office salaries expense Rent expense-Office space OOO 11,100 64,000 26,000 Total general and administrative expenses Total operating expenses Income before taxes 101,100 561,200 2,334,200 274,000 $ 2,060,200 Income taxes expense Net income
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