Using the following additional information for Leone Company, complete the requirements below.Raw materials inventory, beginningRaw materials inventory, endingWork in process inventory, beginningSalesWork in process inventory, endingFinished goods inventory, beginning.Finished goods inventory, ending$ 166,850182,00015,7004,462,50019,380167,350136,490Required:1. Prepare the schedule of cost of goods manufactured for the current year.2. Prepare the current year income statement. [The following information applies to the questions displayed below.]The following year-end information is taken from the December 31 adjusted trial balance and other records of LeoneCompany.Advertising expenseDepreciation expense-Office equipmentDepreciation expense-Selling equipmentDepreciation expense-Factory equipmentRaw materials purchases (all direct materials)Maintenance expense-Factory equipmentFactory utilitiesDirect laborIndirect laborOffice salaries expenseRent expense-Office spaceRent expense-Selling spaceRent expense-Factory buildingSales salaries expense$ 28,7507,2508,60049,325925,00035,40033,000675,480159,47563,00022,00026,10076,800392,560

Income Statement :— It is one of the financial statement that shows profitability, total revenue and…

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 $ 166,850 182,000 15,700 4,462,500 19,380 167,350 136,490 Required: 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement.

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 $ 166,850 182,000 15,700 4,462,500 19,380 167,350 136,490 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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A manufacturer reports the information below. Finished goods inventory, beginning Finished goods inventory, ending Depreciation on factory equipment Direct labor Indirect labor Factory utilities Selling expenses Direct materials used Indirect materials used Office rent expense Work in process inventory, beginning Work in process inventory, ending Complete this question by entering your answers in the tabs below. Required A Required B Compute cost of goods sold for the period. Goods available for sale Cost of goods sold $ 8,200 9,140 4,800 84,000 36,700 3,200 750 55,900 700 1,200 1,600 2,400 $ 0
Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 12,500 16,100 7,400 34,750 19,800 21,800 26,200 7,200 12,600 27,000 14,750 4,940 41,500 58,000 296,220 26,000 13,600 Pepper Company $ 17,350 22,050 9,450 25,150 39,400 14,600 20, 200 8,000 15,750 43,000 14,320 3,750 60,500 46,000 388,450 18,700 21,950 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of…
Complete the information in the cost computations shown here: Raw materials Beginning inventory Purchases Materials available for use Ending inventory Materials used in production Work in process inventory Beginning inventory Materials used in production Direct labor Overhead applied Manufacturing costs incurred Ending inventory Cost of goods manufactured Finished goods inventory Beginning inventory Cost of goods manufactured Goods available for sale Ending inventory Cost of goods sold $341 1,533 323 $931 1,536 $22,450 936 $25,008 $21,792
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Accounting records for Antoinette Designs (AD) for November show the following (each entry is the total of the actual entries for the account for the month): Account Titles Work-in-Process Inventory (Direct Labor) Wages Payable Direct Materials Inventory Accounts Payable Finished Goods Inventory Work-in-Process Inventory Cost of Goods Solda Finished Goods Inventory Debit 7,200 122,130 136,800 131,400 Credit 7,200 Required: a. What was the finished goods inventory balance on November 30? b. How much manufacturing overhead was applied for November? c. What was the manufacturing overhead rate for November? d. How much manufacturing overhead was incurred for November? e. What was the Work-in-Process Inventory on November 1? f. What was the Work-in-Process Inventory on November 30? 122,130 136,800 131,400 aThis entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For November, the amount written…
the beginning of the Cutting process. The following information is available regarding its May inventories: Ending Inventory Beginning Inventory $ 6,000 43,500 63,300 20,100 The following additional information describes the company's production activities for May. Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales View transaction list Journal entry worksheet < $ 256,000 Requirement General General Journal Ledger Raw Materials Prepare journal entries for the month of May's transactions. Note: Enter debits before credits. Dato May 31 Record entry $ 25,000 21,750 0 Trial Balance $ 15,600 62,400 (150% of direct…
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COMPUTE THE COST OF GOODS SOLD HOW TO ARRIVE AT THE NET INCOME IF A CORPORATION IS A MANUFACTURING CONCERN?
Please complete the Income statement Calculation of Direct Materials Used (Analyze Raw Materials Account) Beginning Raw Materials Inventory 2,373.75 Plus: Purchases of Direct Materials, Freight-in, Duties 26111.25 Materials Available for Use 28485 Less: Ending Raw Materials Inventory 18,041.32 <<<To balance sheet Direct Materials Used 10443.68 Calculation of Cost of Goods Manufactured (Analyze WIP Inventory) Beginning WIP Inventory 0 Plus Manufacturing Costs Incurred: 355,428.68 Direct Materials Used 10443.68 Direct Labor 135,000.00 Manufacturing Overhead 191,943.68 Total Manufacturing Costs to Account For 337,387.36 Less: Ending WIP Inventory 18,041.32 <<<To balance sheet Cost of Goods Manufactured 319346.04 Calculation of Cost of Goods Sold (Analyze Finished Goods Inventory)…