! Required information [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 $ 36,000 15,000 16,000 58,000 680,000 38,400 34,600 432,000 65,000 39,000 23,000 55,000 132,000 317,000 Required: Identify each cost as either a product cost or a period cost. If a product cost, classify it as direct materials, direct labor, or factory overhead. If a period cost, classify it as a selling expense or a general and administrative expense. (Leave no cell blank. Enter "NA - Not a product cost" or "NA - Not a period cost" for expenses that are not product cost or period cost.) Costs Type of Product Cost Type of Period Cost 1. Advertising expense 2. Depreciation expense-Office equipment 3. Depreciation expense-Selling equipment 4. Depreciation expense Factory equipment 5. Raw materials purchases (all direct materials) 6. Maintenance expenseFactory equipment 7. Factory utilities 8. Direct labor 9. Indirect labor 10. Office salaries expense 11. Rent expense-Office space 12. Rent expenseSelling space 13. Rent expense-Factory building 14. Sales salaries expense Using the following additional information for Leone Company, complete the requirements below. 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 $ 136,000 141,000 41,000 2,309,000 45,000 57,000 65,000 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 schedule of cost of goods manufactured for the current year. 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 Raw materials available for use 0 Direct materials used $ 0 Factory overhead 0 Total factory overhead Total manufacturing costs 0 Total cost of work in process 0 Cost of goods manufactured $ 0 Prepare the current year income statement. LEONE COMPANY Income Statement For Year Ended December 31 Cost of goods sold Goods available for sale Cost of goods sold 0 0 $ 0
