Question

The following calendar year-end information is taken from the December 31, 2019. adjusted trial balance and other records of Leone Company 685, 200 236, 200 55,300 9.200 Advertising expense Depreciation expense office equipment Depreciation expense-Selling equipotent Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories Raw materials December 31, 2018 Raw materials, December 31, 2019 work in process, December 31, 2018 Work in process, December 31, 2019 Finished goods. December 31, 2018 Finished goods. December 31, 2019 5 26,500 Direct labor 7,509 Income taxes expense 10.100 Indirect labor 34, 200 Miscellaneous production costs 183, 400 office salaries expense 9,200 Raw materials purchases 31,000 Rent expense office space expense Selling space 800 Rent expense Factory building Maintenance expense Factory equipment 925,000 24,000 28,500 3,009 505,500 390,300

Answer 1

to me 0 and 8 is confusing , so if I have copied any wrong figure please change that figure and follow the format

		Leone Company
Income statement
Sales						4,505,500
cost of goods sold
Finished goods iventory,December 31,2018					162,300
Cost of goods manufactured					1,950,100
Goods available for sale					2,112,400
less:Finished goods inventory,December 31,2019					144,600
cost of goods sold						1,967,800
Gross profit from sales						2,537,700
Operating expenses
Selling expenses
Sales salaries expense					398,300
Depreciation expense-selling equipment					10,100
Rent expense-selling space					28,500
Advertising expense					26,500
Total selling expenses						463,400
General and administrative expensess
Rent expense-office space					24,000
office salaries expense					68,000
Depreciaiton expense-office equipment					7,500
Total general and administrative expense						99,500
total operating expense						562,900
income before taxes						1,974,800
income tax expense						236,200
Net income						1,738,600

Working notes

Schedule of Cost of Goods Manufactured
Direct materials
Raw materials inventory,Dec 31,2016						165,800
Raw materials purchases						925,000
Raw materials available for use						1,090,800
less:Raw materials inventory ,December 31,2017						180,000
Direct materials used							910,800
Direct labor							685,200
Factory overhead
Depreciation expense-factory equipment						34,200
Factory supervision						103,400
factory supplies used						9,200
Factory utilities						31,000
Rent expense- factory building						80,400
Maintenance expense-Factory equipment						38,000
Miscellaneous production costs						9,200
Indirect labor						55,300
total factory overhead costs							360,700
total manufacturing costs							1,956,700
Add:work in process inventory,dec 31,2016							15,800
total cost of work in process							1,972,500
less:work in process inventory ,december 31,2017							22,400
cost of goods manufactured							1,950,100