Question

The following information applies to the questions displayed below.) The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories Raw materials, December 31, 2016 Raw materials, December 31, 2017 Work in process, December 31, 2016 Work in process, December 31, 2017 Finished goods, December 31, 2016 Finished goods, December 31, 2017 $ 28,100 Direct labor 10.zee Income taxes expense 10,4ee Indirect labor 33,30 Miscellaneous production costs 146,6ee Office salaries expense 9,800 Raw materials purchases 35,eee Rent expense-Office space Rent expense-selling space 156,9ee Rent expense-Factory building 179,Maintenance expense-Factory equipment 15,900 Sales 21,480 Sales salaries expense 161,9ee 143,500 $ 65,800 276,300 55,300 11,800 67.00 939,000 25,000 27,800 1,300 36,900 4,525,900 392,700

Answer 1

Ans. 1	LEONE COMPANY
	Schedule of Cost of Goods Manufactured
	For the Year Ended December 31, 2017
	Particulars	Amount	Amount
	Direct materials
	Beginning raw materials inventory	$156,900
	Add: Purchase of raw materials	$939,000
	Raw materials available	$1,095,900
	Less: Ending raw materials inventory	-$179,000
	Direct materials used (A)		$916,900
	Direct labor (B)		$686,800
	Manufacturing overhead applied:
	Depreciation expense - Factory equipment	$33,300
	Factory supervision	$146,600
	Factory supplies used	$9,800
	Factory utitlities	$35,000
	Indirect labor	$55,300
	Miscellaneous production costs	$11,800
	Rent expenses - Factory building	$81,300
	Maintenance expense - Factory equipment	$36,900
	Total manufacturing overhead ©		$410,000
	Total manufacturing costs (A+B+C)		$2,013,700
	Add: Beginning Work in process inventory		$15,900
	Less: Ending Work in process inventory		-$21,400
	Cost of goods manufactured		$2,008,200
	*All manufacturing costs are listed under the statement of cost of goods manufactured.
	*Selling and office expenses are the part of Income Statement.