the December 31 adjusted trial balance and other records of Leone Company. Advertising expense $ 55,000 Depreciation expense-Office equipment 34,000 Depreciation expense-Selling equipment 35,000 Depreciation expense-Factory equipment 77,000 Raw materials purchases (all direct materials) 870, 000 Maintenance expense-Factory equipment 44, 100 Factory utilities 38, 400 Direct labor 508, 000 Indirect labor 76,000 Office salaries expense 46,000 Rent expense-Office space 28,000 Rent expense-Selling space 67,000 Rent expense-Factory building 161, 000 Sales salaries expense 386,000 Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning $ 174, 000 Raw materials inventory, ending 179,000 Work in process inventory, beginning 52, 000 Sales 2, 890, 000 Work in process inventory, ending 56,000 Finished goods inventory, beginning 73, 000 Finished goods inventory, ending 81,000 Required: Prepare the schedule of cost of goods manufactured for the

the December 31 adjusted trial balance and other records of Leone Company. Advertising expense $ 55,000 Depreciation expense-Office equipment 34,000 Depreciation expense-Selling equipment 35,000 Depreciation expense-Factory equipment 77,000 Raw materials purchases (all direct materials) 870, 000 Maintenance expense-Factory equipment 44, 100 Factory utilities 38, 400 Direct labor 508, 000 Indirect labor 76,000 Office salaries expense 46,000 Rent expense-Office space 28,000 Rent expense-Selling space 67,000 Rent expense-Factory building 161, 000 Sales salaries expense 386,000 Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning $ 174, 000 Raw materials inventory, ending 179,000 Work in process inventory, beginning 52, 000 Sales 2, 890, 000 Work in process inventory, ending 56,000 Finished goods inventory, beginning 73, 000 Finished goods inventory, ending 81,000 Required: Prepare the schedule of cost of goods manufactured for the

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 12E: Worksheet, Including Inventory Surian Motors Company prepared a trial balance on the following...

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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 $ 55,000 Depreciation expense-office equipment 34,000 Depreciation expense-Selling equipment 35,000 Depreciation expense-Factory equipment 77,000 Raw materials purchases (all direct materials) $70,000 Maintenance expense-Factory equipment Factory utilities 44,100 38,400 Direct labor Indirect labor office salaries expense Rent expense-office space Rent expense-selling space Rent expense-Factory building Sales salaries expense 508,000 76,000 46,000 28,000 67,000 161,000 386,000 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…
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A company, which makes up its financial statements annually to 31 December,provides for depreciation of its machinery at the rate of 10 per cent per annum on thediminishing balance method. On 31 December 19X6, the machinery consisted ofthree items purchased as under:1. On 1 January 19X4 Machine A Cost N$3 0002. On 1 April 19X5 Machine B Cost N$2 0003. On 1 July 19X6 Machine C Cost N$1 000
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