Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company. Advertising expense $ 32,400

The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company.

Advertising expense $ 32,400 Direct labor $ 676,000
Depreciation expenseOffice equipment 8,100 Income taxes expense 236,700
Depreciation expenseSelling equipment 10,700 Indirect labor 56,100
Depreciation expenseFactory equipment 38,500 Miscellaneous production costs 11,600
Factory supervision 100,500 Office salaries expense 71,000
Factory supplies used 9,200 Raw materials purchases 978,000
Factory utilities 38,000 Rent expenseOffice space 28,000
Inventories Rent expenseSelling space 27,600
Raw materials, December 31, 2018 163,300 Rent expenseFactory building 78,300
Raw materials, December 31, 2019 187,000 Maintenance expenseFactory equipment 35,300
Work in process, December 31, 2018 18,600 Sales 4,585,400
Work in process, December 31, 2019 19,500 Sales salaries expense 399,700
Finished goods, December 31, 2018 162,800
Finished goods, December 31, 2019 138,300

Required: 1. Prepare the companys 2019 schedule of cost of goods manufactured.image text in transcribedimage text in transcribed

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 $ 32,400 8,100 10,700 38,500 100,500 9,200 38,000 Direct labor Income taxes expense Indirect labor Miscellaneous production costs office salaries expense Raw materials purchases Rent expense-office space Rent expense-Selling space Rent expense-Factory building Maintenance expense-Factory equipment Sales Sales salaries expense 163,300 187,000 18,600 19,500 162,800 138,300 Required: 1. Prepare the company's 2019 schedule of cost of goods manufactured. 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

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_2

Step: 3

blur-text-image_3

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

Auditing Essentials

Authors: Frank C Giove

1st Edition

0738671509, 9780738671505

More Books

Students also viewed these Accounting questions

Question

16.7 Describe the three steps in the collective bargaining process.

Answered: 1 week ago