The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense $ 55,000 Depreciation expense—Office equipment 34,000 Depreciation expense—Selling equipment 35,000 Depreciation expense—Factory equipment 77,000 Raw materials purchases (all direct materials) 870,000 Maintenance expense—Factory equipment 44,100 Factory utilities 38,400 Direct labor 508,000 Indirect labor 76,000 Office salaries expense 46,000 Rent expense—Office space 28,000 Rent expense—Selling space 67,000 Rent expense—Factory building 161,000 Sales salaries expense 386,000 Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning $ 174,000 Raw materials inventory, ending 179,000 Work in process inventory, beginning 52,000 Sales 2,890,000 Work in process inventory, ending 56,000 Finished goods inventory, beginning 73,000 Finished goods inventory, ending 81,000 Required: Prepare the schedule of cost of goods manufactured for the current year. Prepare the current year income statement.
The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense $ 55,000 Depreciation expense—Office equipment 34,000 Depreciation expense—Selling equipment 35,000 Depreciation expense—Factory equipment 77,000 Raw materials purchases (all direct materials) 870,000 Maintenance expense—Factory equipment 44,100 Factory utilities 38,400 Direct labor 508,000 Indirect labor 76,000 Office salaries expense 46,000 Rent expense—Office space 28,000 Rent expense—Selling space 67,000 Rent expense—Factory building 161,000 Sales salaries expense 386,000 Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning $ 174,000 Raw materials inventory, ending 179,000 Work in process inventory, beginning 52,000 Sales 2,890,000 Work in process inventory, ending 56,000 Finished goods inventory, beginning 73,000 Finished goods inventory, ending 81,000 Required: Prepare the schedule of cost of goods manufactured for the current year. Prepare the current year income statement.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company.
Advertising expense $ 55,000
Depreciation expense—Office equipment 34,000
Depreciation expense—Selling equipment 35,000
Depreciation expense—Factory equipment 77,000
Raw materials purchases (all direct materials) 870,000
Maintenance expense—Factory equipment 44,100
Factory utilities 38,400
Direct labor 508,000
Indirect labor 76,000
Office salaries expense 46,000
Rent expense—Office space 28,000
Rent expense—Selling space 67,000
Rent expense—Factory building 161,000
Sales salaries expense 386,000
Using the following additional information for Leone Company, complete the requirements below.
Raw materials inventory, beginning $ 174,000
Raw materials inventory, ending 179,000
Work in process inventory, beginning 52,000
Sales 2,890,000
Work in process inventory, ending 56,000
Finished goods inventory, beginning 73,000
Finished goods inventory, ending 81,000
Required:
Prepare the schedule of cost of goods manufactured for the current year.
Prepare the current year income statement.
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