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PLS HELP! Required: 1. Prepare the company's 2019 schedule of cost of goods manufactured. Answer is complete and correct. LEONE COMPANY Schedule of Cost of
PLS HELP!
Required: 1. Prepare the company's 2019 schedule of cost of goods manufactured. Answer is complete and correct. LEONE COMPANY Schedule of Cost of Goods Manufactured For Year Ended December 31, 2019 Direct materials Raw materials inventory, December 31, 2018 $ 160,500 Raw materials purchases 941,000 1,101,500 191,000 $ 910,500 672,900 Raw materials available for use Less: Raw materials inventory, December 31, 2019 Direct materials used Direct labor Factory overhead Factory supervision Factory supplies used Factory utilities Maintenance expense-Factory equipment Rent expense-Factory building Depreciation expense-Factory equipment Indirect labor Miscellaneous production costs 135,900 9,300 43,000 35,700 80,600 33,000 58,000 9,500 Total factory overhead costs Total manufacturing costs Add: Work in process inventory, December 31, 2018 Total cost of work in process Less: Work in process inventory, December 31, 2019 Cost of goods manufactured 405,000 1,988,400 15,000 2,003,400 24,500 $ 1,978,900 $ 672,900 259,800 58,000 9,500 73,000 941,000 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, 2018 Raw materials, December 31, 2019 Work in process, December 31, 2018 Work in process, December 31, 2019 Finished goods, December 31, 2018 Finished goods, December 31, 2019 $ 34,700 Direct labor 9,700 Income taxes expense 10,000 Indirect labor 33,000 Miscellaneous production costs 135,900 Office salaries expense 9,300 Raw materials purchases 43,000 Rent expense-office space Rent expense-Selling space 160,500 Rent expense-Factory building 191,000 Maintenance expense-Factory equipment 15,000 Sales 24,500 Sales salaries expense 164,400 137,000 25,000 26,600 80,600] 35,700 4,515,400 396,000 1 Problem 14-3A Part 2 2. Prepare the company's 2019 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses. LEONE COMPANY Income Statement For Year Ended December 31, 2019 , Sales Cost of goods sold Cost of goods manufactured Finished goods inventory, December 31, 2018 $ 4,515,400 164,400 164,400 Goods available for sale Less: Finished goods inventory, December 31, 2019 Cost of goods sold 137,000 27.400 4,488,000 Operating expenses Selling expenses Depreciation expense-Selling equipment Rent expenseSelling space - Sales salaries expense Advertising expense 10,000 26,600 396,000 34,700 467,300 Total selling expenses General and administrative expenses Rent expense-Office space Office salaries expense Depreciation expense-Office equipment 25,000 73,000 9,700 Total general and administrative expenses Total operating expenses Income before taxes 107,700 575,000 3,913,000 259,800 Income taxes expense Net income $ 3,653,200Step by Step Solution
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