Question

The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Pactory 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 $ 34,100 Direct labor 9,300 Income taxes expense 9,600 Indirect labor 32,200 Miscellaneous production costs 122,100 office salaries expense 9,100 Raw materials purchases 38,000 Rent expense-office space Rent expense-Selling space 163,200 Rent expense-Factory building 183,000 Maintenance expense-Pactory equipment 16,100 Sales 24,100 Sales salaries expense 163.000 144,000 $ 679,000 252,000 59,700 10,100 62,000 986,000 26,000 25,700 79,500 37,800 4,605, 700 395,800 Required: 1. Prepare the company's 2019 schedule of cost of goods manufactured. LEONE COMPANY Schedule of Cost of Goods Manufactured For Year Ended December 31, 2019 Direct materials Raw materials inventory, December 31, 2019 Raw materials purchases ,2010 < Prev 10 or 10 m Next >

Answer 1

LEONE COMPANY Schedule of Cost of Goods Manufactured For Year Ended December 31, 2019

Direct materials Raw Materials Inventory, December 31, 2018 Raw Materials Purchases 163200 986000 Raw Material available for use Less: Raw material Inventory, December 31, 2019 Direct Material used Direct Labor Factory Overhead : Indirect Labor Factory supplies used Factory utilities Factory Supervision Maintenance expense - Factory equipment Depreciation expense - Factory equipment Miscellaneous production costs Rent expense - Factory building 1149200 183000 966200 679000 59700 9100 38000 122100 37800 32200 10100 79500 Total Factory overhead Costs Total Manufacturing Costs Add: Work in process Inventory, December 31, 2018 Total cost of work in process Less: Work in process Inventory, December 31, 2019 388500 2033700 16100 2049800 24100 Cost of goods manufactured 2025700