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.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 14P: An examination of Buckhorn Fabricators records reveals the following transactions: a. On December...

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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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