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Required information Skip to question [The following information applies to the questions displayed below.] The following year-end information is taken from the December 31 adjusted
Required information
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[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 | $ 28,750 |
---|---|
Depreciation expenseOffice equipment | 7,250 |
Depreciation expenseSelling equipment | 8,600 |
Depreciation expenseFactory equipment | 49,325 |
Raw materials purchases (all direct materials) | 925,000 |
Maintenance expenseFactory equipment | 35,400 |
Factory utilities | 33,000 |
Direct labor | 675,480 |
Indirect labor | 159,475 |
Office salaries expense | 63,000 |
Rent expenseOffice space | 22,000 |
Rent expenseSelling space | 26,100 |
Rent expenseFactory building | 76,800 |
Sales salaries expense | 392,560 |
Using the following additional information for Leone Company, complete the requirements below.
Raw materials inventory, beginning | $ 166,850 |
---|---|
Raw materials inventory, ending | 182,000 |
Work in process inventory, beginning | 15,700 |
Sales | 4,462,500 |
Work in process inventory, ending | 19,380 |
Finished goods inventory, beginning | 167,350 |
Finished goods inventory, ending | 136,490 |
Required:
- Prepare the schedule of cost of goods manufactured for the current year.
- Prepare the current year income statement.
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