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PROBLEM #2 (20 points) The following account balances of LENI, Inc for the quarter ending March 31 are given to you, unless otherwise noted: Work-in-process
PROBLEM #2 (20 points) The following account balances of LENI, Inc for the quarter ending March 31 are given to you, unless otherwise noted: Work-in-process inventory (January 1) $ 140,400 Work-in-process inventory (March 31) 171,000 Finished goods inventory (January 1) 540,000 Finished goods inventory (March 31) 510,000 Direct materials used Indirect materials used Direct manufacturing labor Indirect manufacturing labor 378,000 84,000 480,000 186,000 Property taxes on manufacturing plant building28,800 Salespersons' company vehicle costs 12,000 Depreciation of manufacturing equipment264,000 Depreciation of office equipment 123,600 Miscellaneous plant overhead Plant utilities General office expenses Marketing distribution costs 135,000 92,400 305,400 30,000 Required: a. Prepare a cost of goods manufactured schedule for the quarter. b. Prepare a cost of goods sold schedule for the quarter
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