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please help The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office
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The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Raw materials purchases (all direct materials) Maintenance expense-Factory equipment Factory utilities Direct labor Indirect labor office salaries expense. Rent expense-office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense Work in process inventory, ending Finished goods inventory, beginning i Finished goods inventory, ending $ 64,000 43,000 44,000 62,000 81,000 89,000 86,000 960,000 46,800 40,200 544,000 82,000 49,000 29,000 Using the following additional information for Leone Company, complete the requirement below. Raw materials inventory, beginning $ 192,000 Raw materials inventory, ending Work in process inventory, beginning Sales 197,000 58,000 3,134,000 70,000 168,000 403,000 Required: 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the current year income statement. Sales Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured Answer is complete but not entirely correct. LEONE COMPANY Income Statement. For Year Ended December 31 Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit General and administrative expenses Selling expenses Net income $ 81,000 1,918,000 1,999,000 89,000 $ 3,134,000 $ 1,910,000 1,224,000 403,000 87,000 734,000 Step by Step Solution
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