The following information applies to the questions displayed below] The following year-end information is taken from...

Transcribed Image Text:

The following information applies to the questions displayed below] The following year-end information is taken from the December 31 adjusted trial balance and of 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 $ 30,000 9,000 10,000 52,000 620,000 36,600 33,400 408,000 61,000 37,000 22,000 53,000 127,000 305,000 OTTICE sas Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense 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 22,000 53,000 127,000 305,000 $ 124,000 129,000 37,000 2144,000 41,000 52,000 60,000 Required: 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 of 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 $ 30,000 9,000 10,000 52,000 620,000 36,600 33,400 408,000 61,000 37,000 22,000 53,000 127,000 305,000 OTTICE sas Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense 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 22,000 53,000 127,000 305,000 $ 124,000 129,000 37,000 2144,000 41,000 52,000 60,000 Required: 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement.

Answer rating: 100% (QA)

Hen... View the full answer