Required information Required information

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Listed here are the costs associated with the production of $1,000$ drum sets manufactured by TrueBeat.

Plastic for casing$-$ $$19,000$

Wages of assembly workers $-$$$91,000$

Property taxes on factory $$6,000$

Office accounting salaries $-$$$36,000$

Drum stands $-$$$33,000$

Rent cost of office for accountants $-$$$36,000$

Office management salaries $$140,000$

Annual fee for factory maintenance $$15,000$

Sales commissions $-$$$18,000$

Factory machinery depreciation, straight$-$line$-$ $$35,000$

Compute the average manufacturing cost per drum set. Required information

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The following year$-$end information is taken from the December $31$ adjusted trial balance and other records of Leone Company.

$\backslash$table$[[$Advertising expense,$$61,000],[$Depreciation expense$-$Office equipment,$40,000],[$Depreciation expense$-$Selling equipment,$41,000],[$Depreciation expense$-$Factory equipment,$83,000],[$Raw materials purchases $($all direct materials$),930,000],[$Maintenance expense$-$Factory equipment,$45,900],[$Factory utilities,$39,600],[$Direct labor,$532,000],[$Indirect labor,$80,000],[$Office salaries expense,$48,000],[$Rent expense$-$Office space,$29,000],[$Rent expense$-$Selling space,$70,000],[$Rent expense$-$Factory building,$168,000],[$Sales salaries expense,$403,000]]$

Required:

Identify each cost as either a product cost or a period cost. If a product cost, classify it as direct materials, direct labor, or factory overhead. If a period cost, classify it as a selling expense or a general and administrative expense.

Note: Leave no cell blank. Enter $"$NA $-$ Not a product cost" or $"$NA $-$ Not a period cost" for expenses that are not product cost or period cost.

$\backslash$table$[[$Costs$,$Type of Product Cost,Type of Period Cost$],[1.$ Advertising expense,,$],[2.$ Depreciation expense$-$Office equipment,,$],[3.$ Depreciation expense$-$Selling equipment,,$],[4.$ Depreciation expense$-$Factory equipment,,$],[5.$ Raw materials purchases $($all direct materials$),,],[6.$ Maintenance expense$-$Factory equipment,,$],[7.$ Factory utilities,,$],[8.$ Direct labor,,$],[9.$ Indirect labor,,$],[10.$ Office salaries expense,,$],[11.$ Rent expense$-$Office space,,$],[12.$ Rent expense$-$Selling space,,$],[13.$ Rent expense$-$Factory building,,$],[14.$ Sales salaries expense,,$]]$ Using the following additional information for Leone Company, complete the requirements below.

Required:

Prepare the schedule of cost of goods manufactured for the current year.

Prepare the current year income statement.

Complete this question by entering your answers in the tabs below.Complete this question by entering your answers in the tabs below.

Prepare the schedule of cost of goods manufactured for the current year.

$\backslash$table$[[$LEONE COMPANY$],[$Schedule of Cost of Goods Manufactured$],[$For Year Ended December $31],[$Direct materials,,,$],[?,?,,],[?,?,,],[?,,,],[$Raw materials available for use,$0,,],[,,,],[$Direct materials used,,$$,0],[$t$,,,],[$Factory overhead,,,$],[,,,],[+,,,],[?,?,,],[?,,,],[?,,,],[-,,,],[,,,],[$Total factory overhead,,,$0],[$Total manufacturing costs,,,$0],[?,,,],[$Total cost of work in process,,,$0],[,,,],[$Cost of goods manufactured,,$$,0]]$

$[$The following information applies to the questions displayed below.$]$

Listed here are the costs associated with the production of $1,000$ drum sets manufactured by TrueBeat.

Costs

Plastic for casing$-$ $$19,000$

Wages of assembly workers $-$$$91,000$

Property taxes on factory $$6,000$

Office accounting salaries $$36,000$

Drum stands $-$$$33,000$

Rent cost of office for accountants $$336,000$

Office management salaries $$140,000$

Annual fee for factory maintenance$-$ $$15,000$

Sales commissions $$18,000$

Factory machinery depreciation, straight$-$line$-$ $$35,000$

Required:

Classify each cost and its amount as either product or period. The first cost is completed as an example.$|$Shown here are annual financial date for a merchandising company and a manufacturing company.

Prepare the cost of goods sold section of the income statement for each company.

Complete this question by entering your answers in the tabs below.

Merchandising Martheturing