Problem 14-3A Schedule of cost of goods manufactured and income statement

Use the following information for the Problems below. (Algo) (The following information applies to the questions displayed below.] 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 $ 46,000 25,000 26,000 68,000 780,000 41,400 36,600 472,000 71,000 43,000 26,000 62,000 149,000 358,800 Problem 14-3A (Algo) Schedule of cost of goods manufactured and income statemer Using the following additional information for Leone Company, complete the requirements below. ON Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Sales Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $ 156,000 161,000 47,000 2,624,000 51,000 66,000 74,000 ences Required: 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement. Required 1 Required 2 Prepare the schedule of cost of goods manufactured for the current year. LEONE COMPANY Schedule of Cost of Goods Manufactured For Year Ended December 31 Direct materials $ 156,000 Raw materials inventory beginning Raw materials purchases Es 780 000 Raw materials available for use 936 000 Less Raw materials inventory, ending Direct materials used 161.000 $ 775 000 Direct labor 472,000 Factory overhead Indirect labor Rent expense Factory building Factory utilities 71.000 149,000 36 600 +++++ Required information Raw materials available for use 936,000 161,000 Less: Raw materials inventory, ending Direct materials used $ 775,000 Direct labor 472,000 Factory overhead Indirect labor Rent expense Factory building Factory utilities 71,000 149,000 36,600 41,400 Maintenance expense Factory equipment Depreciation expense Factory equipment 68,000 366,000 1,613,000 Total factory overhead Total manufacturing costs Add: Work in process inventory, beginning Total cost of work in process Less: Work in process inventory, ending Cost of goods manufactured 47,000 1,660,000 51,000 1,609,000 $ RECES Required 2 > Required information 2. Prepare the current year income statement. LEONE COMPANY Income Statement For Year Ended December 31 Sales $ 2,624,000 OK Cost of goods sold Cost of goods manufactured Finished goods inventory, beginning LA $ 1,609,000 66,000 mt ences Goods available for sale 1,675,000 74,000 Less Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses General and administrative expenses 1,601,000 1,023,000 $ 1,023,000 Net income