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. $ 32,300 8,700 9,600

image text in transcribedimage text in transcribed

The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company. $ 32,300 8,700 9,600 37,800 108, 100 9,200 35,000 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 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 $ 674,500 236,500 59,200 9,100 64,000 945,000 23,000 28,900 81,500 39,100 4,506,400 397,600 150,400 184,000 15,300 21,800 165,900 138,100 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 0 Direct materials used $ 0 Factory overhead 0 Total factory overhead costs Total manufacturing costs 0 Total cost of work in process 0 Cost of goods manufactured $ 0 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 0 Cost of goods sold 0 0 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 01

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

Audits Of 401k Plans

Authors: Deloitte And Touche

2nd Edition

1119722039, 978-1119722038

More Books

Students also viewed these Accounting questions

Question

a neglect of quality in relationship to international competitors;

Answered: 1 week ago