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Need help with this accounting problem Required information Problem 18-3A Schedule of cost of goods manufactured and income statement; inventory analysis LO P2, A1 [The
Need help with this accounting problem
Required information Problem 18-3A 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, 2017, 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, 2016 Raw materials, December 31, 2017 Work in process, December 31, 2016 Work in process, December 31, 2017 Finished goods, December 31, 2016 Finished goods, December 31, 2017 $ 34,900 Direct labor 10,600 Income taxes expense 9,800 Indirect labor 38,800 Miscellaneous production costs 116, 600 Office salaries expense 7,900 Raw materials purchases 34,000 Rent expense-Office space Rent expense-Selling space 169,900 Rent expense-Factory building 178,000 Maintenance expense-Factory equipment 16,900 Sales 24,600 Sales salaries expense 165,500 136,900 $ 692,200 295, 100 55,000 10,500 61,000 980,000 25,000 27,600 77,200 37,500 4,526,300 392,300 Required: 1. Prepare the company's 2017 schedule of cost of goods manufactured. LEONE COMPANY Schedule of Cost of Goods Manufactured For Year Ended December 31, 2017 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 LEONE COMPANY Income Statement For Year Ended December 31, 2017 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 incomeStep by Step Solution
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