Question

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The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company.
   

Advertising expense	$	30,600		Direct labor	$	677,100
Depreciation expense—Office equipment		9,800		Income taxes expense		259,700
Depreciation expense—Selling equipment		9,900		Indirect labor		59,800
Depreciation expense—Factory equipment		36,500		Miscellaneous production costs		11,400
Factory supervision		105,700		Office salaries expense		63,000
Factory supplies used		9,100		Raw materials purchases		943,000
Factory utilities		44,000		Rent expense—Office space		22,000
Inventories				Rent expense—Selling space		28,300
Raw materials, December 31, 2016		151,100		Rent expense—Factory building		76,700
Raw materials, December 31, 2017		188,000		Maintenance expense—Factory equipment		35,300
Work in process, December 31, 2016		17,500		Sales		4,546,900
Work in process, December 31, 2017		19,400		Sales salaries expense		394,400
Finished goods, December 31, 2016		167,300
Finished goods, December 31, 2017		136,100
Required: 1. Prepare the company's 2017 schedule of cost of goods manufactured. LEONE COMPANY Schedule of Cost of Goods Manufactured For Year Ended December 31, 2017 Direct materials Raw materials available for use Direct materials used Factory overhead Total factory overhead costs Total manufacturing costs Total cost of work in process Cost of goods manufactured

Answer 1

Schedule of Cost of goods manufactured

Direct materials:
Beginning raw material inventory	151,100
Add: Purchases of raw material	943,000
Total raw materials available	1,094,100
Less: Ending raw materials inventory	- 188,000
Raw materials used in production		906,100
Direct labor		677,100
Factory overheads:
Miscellaneous production costs	11,400
Indirect labor	59,800
Factory supervision	105,700
depreciation expense - Factory equipment	36,500
factory supplies	9,100
Rent expense—Factory building	76,700
Maintenance expense—Factory equipment	35,300
Total factory overhead costs		334,500
Total manufacturing cost		1,917,700
Add: Beginning work in process inventory		17,500
Total cost of work in process		1,935,200
Less: Ending work in process inventory		- 19,400
Cost of goods manufactured		$1,915,800

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