Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required information [The following information applies to the questions displayed below.] The following calendar year-end information is taken from the December 31, 2019, adjusted trial
Required information [The following information applies to the questions displayed below.] The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company. 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 $ 27,100 Direct labor 11,600 Income taxes expense 9,600 Indirect labor 37,500 Miscellaneous production costs 127,400 office salaries expense 9,000 Raw materials purchases 31,000 Rent expense-office space Rent expense-Selling space 154,400 Rent expense-Factory building 181,000 Maintenance expense-Factory equipment 18,800 Sales 21,000 Sales salaries expense 161,200 136,800 674,500 293, 200 58,900 9,100 68,000 958,000 22,000 28,900 80,900 38,600 4,615,100 396,500 Required: 1. Prepare the company's 2019 schedule of cost of goods manufactured. LEONE COMPANY Schedule of Cost of Goods Manufactured For Year Ended December 31, 2019 Direct materials Raw materials available for use Direct materials used Factory overhead Total factory overhead costs Total manufacturing costs Total cost of work in process Cost of goods manufactured 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 Cost of goods sold Goods available for sale Cost of goods sold Operating expenses Selling expenses Total selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total operating expenses Income before taxes Net income $ 0
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started