Question

amework Required information Problem 14-3A 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 $ 29, 280 Direct labor 9,182 Income taxes expense 10,400 Indirect labor 39,589 Miscellaneous production costs 112,500 office salaries expense 8,900 Raw materials purchases 36,000 Rent expense-office space Rent expense-Selling space 155,600 Rent expense-Factory building 187,000 Maintenance expense-Factory equipment 15,588 Sales 25,888 Sales salaries expense 160,400 135,800 $ 679,200 237,500 59,380 11,180 74, eeel 982, eee 24, eee 27,800 79,300 37,600 4,545,800 393,700 Problem 14-3A Part 2

i need it to be answered in exactly indicated forms

Answer 1

950600 670200 LEONE COMPANY Schedule of Cost of Goods Manufactured For Year Ended December 31, 2017 Direct materials Raw materials inventory, December 31, 2016 155600 Raw materials purchases 982000 Raw materials available for use 1137600 Less: Raw materials inventory, December 31, 2017 18 7000 Direct materials used Direct la bor Factory overhead Depreciation expense-Factory equipment 39500 Factory supervision 110500 Factory supplies used 8900 Factory utilities 36000 Rent expense-Factory building 79300 Maintenance expense-Factory equipment 37600 Miscellaneous production costs 11100 Indirect labor 59300 Total factory overhead costs 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 382200 2003000 15500 2018500 25000 1993500

4545800 1993500 160400 2153900 135800 2018100 2527700 LEONE COMPANY Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Cost of goods manufactured Add: Finished goods inventory, December 31, 2016 Goods available for sale Less: Finished goods inventory, December 31, 2017 Cost of goods sold Gross profit from sales Operating expenses Selling expenses Depreciation expense-Selling equipment Rent expense-Selling space Sales salaries expense Advertising expense Total selling expenses General and administrative expenses Depreciation expense-Office equipment Office salaries expense Rent expense-Office space Total general and administrative expenses Total operating expenses Income before taxes Income taxes expense Net income 10400 27800 393700 29200 461100 9100 74000 24000 10 7100 568200 1959500 237500 1722000