Question

Required information Problem 18-3A Schedule of cost of goods manufactured and income statement; inventory analysis LO P2, A1 (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 26,700 Direct labor 9,500 Income taxes expense 10,000 Indirect labor 35,700 Miscellaneous production costs 129, 100 Office salaries expense 9,800 Raw materials purchases 41,000 Rent expense-Office space Rent expense-Selling space 166,100 Rent expense-Factory building 175,000 Maintenance expense-Factory equipment 17,000 Sales 20,800 Sales salaries expense 168,700 143, 100 $ 685,300 287,900 58,900 11,100 73,000 961,000 29,000 29, 300 79,400 36,400 4,495, 100 394,300

i included the drop down boxes. Pleas send back with the same tables to make it easy to follow.

Answer 1

$ 952,100 $ 685,300 LEONE COMPANY Schedule of Cost of Goods Manufactured For Year Ended December 31, 2017 Direct Materials: Raw Materials Inventory, December 31,2016 $ 166,100 Raw materials Purchase $ 961,000 Raw materials available for use $ 1,127,100 Less : Raw Material Inventory, December 31, 2017 $ 175,000 Direct materials used Direct labor Factory Overhead Factory supervision $ 129,100 Factory supplies Used $ 9,800 Factory Utilities $ 41,000 Maintenance expense - Factory Equipment $ 36,400 Rent Expense-Factory Building $ 79,400 Depreciation expense-Factory equipment $ 35,700 Indirect Labor $ 58,900 Miscellenious Production costs $ 11,100 Total Factory oveerhead Cost Total Manufacturing Costs Add: Work in Process Inventory, December 31,2016| Total cost of work in process Less: Work in process Inventory, December 31,2017 Cost of goods Manufactured $ 401,400 $ 2,038,800 $ 17,000 $ 2,055,800 $ 20.800 $ 2,035,000

$ 4,495,100 $ 2,060,600 $ 2,434,500 LEONE COMPANY Income statement For Year Ended December 31, 2017 Sales Cost of Goods sold Cost of goods Manufactured $ 2,035,000 Finished goods December 31,2016 $ 168,700 Goods available for sale $ 2,203,700 Less: Finished goods December 31,2017 $ 143,100 Cost of Goods sold Gross profit from sales Operating expenses Selling Expenses Depreciation Expenses- Selling Equipment $ 10,000 Rent Expense -selling space $ 29,300 Sales salaries expense $ 394,300 Advertising Expense $ 26,700 Total Selling expenses General and administrative Expenses Rent Expense-Offiec space 1$ 29,000 Office salaries expense $ 73,000 Depreciation expenses-Office Equipment $ 9,500 Total General and administrative Expense Total operatine Expenses Income Before taxes Income Tax expense Net Income $ 460,300 $ 111,500 $ 571,800 $ 1,862,700 $ 287,900 $ 1,574,800