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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 $ 33,000 Depreciation
The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense $ 33,000 Depreciation expense-Office equipment 12,000 Depreciation expense-Selling equipment 13,000 Depreciation expense-Factory equipment 55,000 Raw materials purchases (all direct materials) 650,000 Maintenance expense-Factory equipment Factory utilities 37,500 34,000 Direct labor Indirect labor Office salaries expense Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense 420,000 63,000 38,000 23,000 55,000 132,000 317,000 Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Sales Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Required: $ 130,000 135,000 39,000 2,239,000 43,000 55,000 63,000 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement. Prepare the schedule of cost of goods manufactured for the current year. LEONE COMPANY Schedule of Cost of Goods Manufactured For Year Ended December 31 Direct materials. Raw materials available for use Direct materials used Factory overhead 0 $ 0 Direct materials used Factory overhead Total factory overhead Total manufacturing costs Total cost of work in process Cost of goods manufactured $ 0 0 0 0 $ Cost of goods sold LEONE COMPAing Income Statement For Year Ended December 31 Goods available for sale Cost of goods sold < Required 1 Required 2 > 0 EA $ 0 0
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