Please do not give solution in image format thanku 12The following year-end information is taken from the December 31 adjusted trial balance and other records of LeoneCompany.Advertising expense$ 36,000Depreciation expense-Office equipment 15,000Depreciation expense-Selling equipment 16,000Depreciation expense-Factory equipment 58,000Raw materials purchases (all direct materials) 680,000Maintenance expense-Factory equipment 38,400Factory utilities34,600Direct labor432,00065,00039,00023,00055,000132,000317,000Indirect laborOffice salaries expenseRent expense-Office spaceRent expense-Selling spaceRent expense-Factory buildingSales salaries expenseUsing the following additional information for Leone Company, complete the requirements below.Raw materials inventory, beginning$ 136,000Raw materials inventory, endingWork in process inventory, beginningSalesWork in process inventory, endingFinished goods inventory, beginningFinished goods inventory, ending141,00041,0002,309,00045,00057,00065,000Required:1. Prepare the schedule of cost of goods manufactured for the current year.2. Prepare the current year income statement.

The cost of the products manufactured seems to be significant since it provides management with a…

12 The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. $36,000 15,000 Depreciation expense-Office equipment Depreciation expense-Selling equipment 16,000 Depreciation expense-Factory equipment 58,000 Raw materials purchases (all direct materials) 680,000 Maintenance expense-Factory equipment 38,400 Factory utilities 34,600 Direct labor 432,000 Indirect labor 65,000 Office salaries expense 39,000 Rent expense-Office space 23,000 Rent expense-Selling space 55,000 Rent expense-Factory building 132,000 Sales salaries expense 317,000 Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning $ 136,000 Raw materials inventory, ending 141,000 Work in process inventory, beginning 41,000 2,309,000 45,000 57,000 65,000 Advertising expense Sales Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Required: 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement.

12 The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. $36,000 15,000 Depreciation expense-Office equipment Depreciation expense-Selling equipment 16,000 Depreciation expense-Factory equipment 58,000 Raw materials purchases (all direct materials) 680,000 Maintenance expense-Factory equipment 38,400 Factory utilities 34,600 Direct labor 432,000 Indirect labor 65,000 Office salaries expense 39,000 Rent expense-Office space 23,000 Rent expense-Selling space 55,000 Rent expense-Factory building 132,000 Sales salaries expense 317,000 Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning $ 136,000 Raw materials inventory, ending 141,000 Work in process inventory, beginning 41,000 2,309,000 45,000 57,000 65,000 Advertising expense Sales Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Required: 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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. $ 33,400 DIrect labor 8,100 Incone taxes expense 9,900 Indirect labor Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplles used Factory utilities Inventories $ 677,480| 246,9e0 58, 200| 11,eee 66,eee| 935,e00 23,00e| 28,900 81,6ee| 37,eee 4,565,00e| 398,700 34, 200 Miscellaneous production costs 114,600 Ofice salaries expense 9,800 Raw materials purchases 41, e00 Rent expense-Office space Rent expense-Selling space 156,400 Rent expense-Factory building 189, e00 16,500 19,e00 Sales salaries expense 165, 500 142, 200 Raw materials, December 31, 2018 Raw materials, Decenber 31, 2019 Maintenance expense-Factory equipnent Sales Work in process,…
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