Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Saved Help You skipped this question in the previous attempt. 0 Required information Problem 14-3A Schedule of cost of goods manufactured and income statement; inventory

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Saved Help You skipped this question in the previous attempt. 0 Required information Problem 14-3A Schedule of cost of goods manufactured and income statement; inventory analysis LO P2, A1 [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-Pactory equipment Factory supervision Factory supplies used Factory utilities Inventories TW saterials, December 31, 2018 Raw materials, December 31, 2019 Work in process, December 31, 2018 Work in process, December 31, 2019 Pinished goods, December 31, 2018 Tinished goods, December 31, 2019 $ 34,400 Direct labor 11,800 Income taxes expense 9,800 Indirect labor 38,200 Miscellaneous production coate 108,300 office salaries expenso 9,500 Raw materials purchases 44,000 Rent expense-office space Rent expense-selling space 154,300 Rent expense-Factory building 181,000 Maintenance expense-Factory equipment 15,500 Sales 24,000 Sales salaries expenso 169,700 140,900 $ 677,900 256,000 57,600 10,100 65,000 988,000 30,000 29,400 81,000 39.200 4,465,500 396,200 Problem 14-3A Part 1 Required: 1. Prepare the company's 2019 schedule of cost of goods manufactured LEONE COMPANY LEONE COMPANY Schedule of Cost of Goods Manufactured For Year Ended December 31, 2019 Direct materials 0 Raw materials available for use 0 Direct materials used Factory overhead D Total factory overhead costs Total manufacturing costs 0 - Total cost of work in process 0 0 Cost of goods manufactured Problem 14-3A Part 2 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 Your Ended December 31, 2019 Cost of goods sold Goods available for sale 0 Cost of goods sold 0 0 Operating expenses Selling expenses 0 Total soling expenses Palit Required information Operating expenses Selling expenses 0 Total selling expenses General and administrative expenses 0 Total general and administrative expenses Total operating expenses Income before taxes 0 + 0 Net income 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Company Accounting

Authors: Ken Leo, Jeffrey Knapp, Susan McGowan, John Sweeting

11th Edition

0730344770, 9780730344773

More Books

Students also viewed these Accounting questions

Question

What is design capacity? Effective capacity? Best operating level?

Answered: 1 week ago