Using the following additional information for Leone Company, complete the requirements below.Raw materials inventory, beginningRaw materials inventory, endingWork in process inventory, beginningSalesWork in process inventory, endingFinished goods inventory, beginning.Finished goods inventory, ending$ 166,850182,00015,7004,462,50019,380167,350136,490Required: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 other records of LeoneCompany.Advertising expenseDepreciation expense-Office equipmentDepreciation expense-Selling equipmentDepreciation expense-Factory equipmentRaw materials purchases (all direct materials)Maintenance expense-Factory equipmentFactory utilitiesDirect laborIndirect laborOffice salaries expenseRent expense-Office spaceRent expense-Selling spaceRent expense-Factory buildingSales salaries expense$ 28,7507,2508,60049,325925,00035,40033,000675,480159,47563,00022,00026,10076,800392,560

Income Statement :— It is one of the financial statement that shows profitability, total revenue and…

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 $ 166,850 182,000 15,700 4,462,500 19,380 167,350 136,490 Required: 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement.

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 $ 166,850 182,000 15,700 4,462,500 19,380 167,350 136,490 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 5E: Complete the work sheet for Ramey Company, dated December 31, 20, through the adjusted trial balance...

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