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

Transcribed Image Text:

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 $ 28,750 7,250 Depreciation expense-Selling equipment 8,600 Depreciation expense-Factory equipment 49,325 Raw materials purchases (all direct materials) 925,000 Maintenance expense-Factory equipment 35,400 Factory utilities 33,000 Direct labor 675,480 Indirect labor 159,475 Office salaries expense 63,000 Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense 22,000 26,100 76,800 392,560 Problem 14-3A (Static) Schedule of cost of goods manufactured and income statement LO P1, P2 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 Required: $ 166,850 182,000 15,700 4,462,500 19,380 167,350 136,490 1. Prepare the schedule of cost of goods manufactured for the current year. 2. 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 Depreciation expense-Office equipment $ 28,750 7,250 Depreciation expense-Selling equipment 8,600 Depreciation expense-Factory equipment 49,325 Raw materials purchases (all direct materials) 925,000 Maintenance expense-Factory equipment 35,400 Factory utilities 33,000 Direct labor 675,480 Indirect labor 159,475 Office salaries expense 63,000 Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense 22,000 26,100 76,800 392,560 Problem 14-3A (Static) Schedule of cost of goods manufactured and income statement LO P1, P2 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 Required: $ 166,850 182,000 15,700 4,462,500 19,380 167,350 136,490 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement.