Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need help with my assignment please Problem 1-3A Schedule of cost of goods manufactured and income statement; inventory analysis LO P2, A1 (The following
I need help with my assignment please
Problem 1-3A Schedule of cost of goods manufactured and income statement; inventory analysis LO P2, A1 (The following information applies to the questions displayed below.) The following calendar year end information is taken from the December 31, 2015, 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, 2014 Raw materials, December 31, 2015 Work in process, December 31, 2014 Work in process, December 31, 2015 Finished goods, December 31, 2014 Finished goods, December 31, 2015 $ 25,400 Direct labor 9.800 Income taxes expense 10,300 Indirect labor 33,100 Miscellaneous production costs 132,800 Office salaries expense 9,100 Raw materials purchases 38,000 Rent expense Office space Rent expense-Selling space 154,600 Rent expense-Factory building 183,000 Maintenance expense-Factory equipment 19,700 Sales 19,300 Sales salaries expense 168,700 144,100 $ 680,800 292,300 56.700 9,300 66,000 938,000 26,000 28.400 79,900 35,300 4,566,600 390,400 Required: 1. Prepare the company's 2015 schedule of cost of goods manufactured. LEONE COMPANY Schedule of Cost of Goods Manufactured For Year Ended December 31, 2015 Direct materials Raw materials available for use Direct materials used Factory overhead Total factory overhead costs Total manufacturing costs Total cost of work in process Cost of goods manufactured 2. Prepare the company's 2015 income statement that reports separate categories for (a) selling expenses and (6) general and administrative expenses. LEONE COMPANY Income Statement For Year Ended December 31, 2016 Cost of goods sold Goods available for sale Cost of goods sold Operating expenses Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total operating expenses Income before taxes Net income
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started