Required information [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 Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Raw materials purchases (all direct materials) Maintenance expense-Factory equipment Factory utilities Direct labor Indirect labor Office salaries expense Rent expense-Office space: Rent expense-Selling space Rent expense-Factory building Sales salaries expense 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 $ 28,750 7,250 8,600 49,325 Using the following additional information for Leone Company, complete the requirements below. $ 166,850 182,000 15,700 4,462,500 19,380 167,350 136,490 925,000 35,400 33,000 675,480 159,475 63,000 22,000 26,100 76,800 392,560 Required: 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement. Complete this question by entering your answers in the tabs below.
Required information [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 Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Raw materials purchases (all direct materials) Maintenance expense-Factory equipment Factory utilities Direct labor Indirect labor Office salaries expense Rent expense-Office space: Rent expense-Selling space Rent expense-Factory building Sales salaries expense 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 $ 28,750 7,250 8,600 49,325 Using the following additional information for Leone Company, complete the requirements below. $ 166,850 182,000 15,700 4,462,500 19,380 167,350 136,490 925,000 35,400 33,000 675,480 159,475 63,000 22,000 26,100 76,800 392,560 Required: 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement. Complete this question by entering your answers in the tabs below.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter27: Adjustments, Financial Statements, And Year-end Accounting For A Manufacturing
business
Section: Chapter Questions
Problem 1MP: Reese Manufacturing Company manufactures and sells a limited line of products made to customer...
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Question
![Required information
[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 Leone Company.
Advertising expense
Depreciation expense-Office equipment
Depreciation expense-Selling equipment
Depreciation expense-Factory equipment
Raw materials purchases (all direct materials)
Maintenance expense-Factory equipment
Factory utilities
Direct labor
Indirect labor
Office salaries expense
Rent expense-Office space
Rent expense-Selling space
Rent expense-Factory building
Sales salaries expense
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
Using the following additional information for Leone Company, complete the
requirements below.
$ 28,750
7,250
$ 166,850
182,000
15,700
4,462,500
19,380
167,358
136,490
Required 1
8,600
49,325
925,000
Required 2
35,400
33,000
675,480
159,475
63,000
22,000
26,100
76,800
392,560
Required:
1. Prepare the schedule of cost of goods manufactured for the current year.
2. Prepare the current year income statement.
Complete this question by entering your answers in the tabs below.
Prepare the schedule of cost of goods manufactured for the current year.
LEONE COMPANY
Schedule of Cost of Goods Manufactured](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb41a946f-d28d-4482-b8c4-7f4fcb78ccdd%2Fc233f4b2-211e-4bcc-9a6a-7e615d5d2916%2Fzi1mk0r_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[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 Leone Company.
Advertising expense
Depreciation expense-Office equipment
Depreciation expense-Selling equipment
Depreciation expense-Factory equipment
Raw materials purchases (all direct materials)
Maintenance expense-Factory equipment
Factory utilities
Direct labor
Indirect labor
Office salaries expense
Rent expense-Office space
Rent expense-Selling space
Rent expense-Factory building
Sales salaries expense
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
Using the following additional information for Leone Company, complete the
requirements below.
$ 28,750
7,250
$ 166,850
182,000
15,700
4,462,500
19,380
167,358
136,490
Required 1
8,600
49,325
925,000
Required 2
35,400
33,000
675,480
159,475
63,000
22,000
26,100
76,800
392,560
Required:
1. Prepare the schedule of cost of goods manufactured for the current year.
2. Prepare the current year income statement.
Complete this question by entering your answers in the tabs below.
Prepare the schedule of cost of goods manufactured for the current year.
LEONE COMPANY
Schedule of Cost of Goods Manufactured
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