The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense $ 60,000 Depreciation expenseOffice
The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense $ 60,000 Depreciation expenseOffice equipment 39,000 Depreciation expenseSelling equipment 40,000 Depreciation expenseFactory equipment 82,000 Raw materials purchases (all direct materials) 920,000 Maintenance expenseFactory equipment 45,600 Factory utilities 39,400 Direct labor 528,000 Indirect labor 79,000 Office salaries expense 47,000 Rent expenseOffice space 28,000 Rent expenseSelling space 67,000 Rent expenseFactory building 161,000 Sales salaries expense 386,000 Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning $ 184,000 Raw materials inventory, ending 189,000 Work in process inventory, beginning 55,000 Sales 3,006,000 Work in process inventory, ending 59,000 Finished goods inventory, beginning 77,000 Finished goods inventory, ending 85,000
Required: 1. Prepare the schedule of cost of goods manufactured for the current year.
2. Prepare the current year income statement.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started