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The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense $ 64,000 Depreciation expenseOffice
The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company.
Advertising expense | $ 64,000 |
---|---|
Depreciation expenseOffice equipment | 43,000 |
Depreciation expenseSelling equipment | 44,000 |
Depreciation expenseFactory equipment | 86,000 |
Raw materials purchases (all direct materials) | 960,000 |
Maintenance expenseFactory equipment | 46,800 |
Factory utilities | 40,200 |
Direct labor | 544,000 |
Indirect labor | 82,000 |
Office salaries expense | 49,000 |
Rent expenseOffice space | 29,000 |
Rent expenseSelling space | 70,000 |
Rent expenseFactory building | 168,000 |
Sales salaries expense | 403,000 |
Using the following additional information for Leone Company, complete the requirements below.
Raw materials inventory, beginning | $ 192,000 |
---|---|
Raw materials inventory, ending | 197,000 |
Work in process inventory, beginning | 58,000 |
Sales | 3,134,000 |
Work in process inventory, ending | 62,000 |
Finished goods inventory, beginning | 81,000 |
Finished goods inventory, ending | 89,000 |
Required:
Prepare the schedule of cost of goods manufactured for the current year.
Prepare the current year income statement.
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