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 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. Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Sales $ 166,850 182,000 15,700 4,462,500 $ 28,750 7,250 8,600 49,325 925,000 35,400 33,000 675,480 159,475 63,000 19,380 167,350 136,490 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.
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 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. Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Sales $ 166,850 182,000 15,700 4,462,500 $ 28,750 7,250 8,600 49,325 925,000 35,400 33,000 675,480 159,475 63,000 19,380 167,350 136,490 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.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter4: Adjusting Entries And The Work Sheet
Section: Chapter Questions
Problem 4PB: The trial balance for Harris Pitch and Putt on June 30 is as follows: Data for month-end adjustments...
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