Question

Acct 202... need help filling the rest of the boxes plz!

Required information [The following information applies to the questions displayed below. 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-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 $ 28,750 Direct labor 7,250 Income taxes expense 8,680 Indirect labor 33,55€ Miscellaneous production costs 102,688 Office salaries expense 7,350 Raw materials purchases 33,000 Rent expense-Office space Rent expense-Selling space 166,852 Rent expense-Factory building 182,830 Maintenance expense-Factory equipment 15,700 Sales 19,38€ Sales salaries expense 167,350 136,490 $ 675,480 233,725 56,875 8,425 63,000 925,880 22,000 26,180 76,880 35,400 4,462,500 392,560

Answer 1

$ 4,462,500 $ 1,966,510 $ 2,495,990 Leone Company Income statement For Year Ended December 31, 2019 Sales Cost of Goods sold Cost of goods Manufactured $ 1,935,650 Finished goods December 31,2018 $ 167,350 Cost of Goods available for sale $ 2,103,000 Less: Finished goods December 31,2019 $ 136,490 Cost of Goods sold Gross profit Operating expenses Depreciation Expenses- Selling Equipment $ 8,600 Rent Expense -selling space $ 22,000 Sales salaries expense $ 392,560 Advertising Expense $ 28,750 Total Selling expenses General and administrative Expenses Rent Expense-Offiec space $ 26,100 Office salaries expense $ 63,000 Depreciation expenses-Office Equipment S 7,250 Total General and administrative Expense Total operatine Expenses Income Before taxes Income Tax expense Net Income $ 451,910 $ 96,350 $ 548,260 $ 1,947,730 $ 233,725 $ 1,714,005

$ 909,850 $ 675,480 Working Notes: Leone Company Schedule of Cost of Goods Manufactured For Year Ended December 31, 2019 Direct Materials: Raw Materials , December 31,2018 $ 166,850 Raw materials Purchase $ 925.000 Raw materials available for use $ 1,091,850 Less : Raw Material, December 31,2019 $ 182,000 Direct materials used Direct labor Factory Overhead Factory supervision $ 102,600 Factory supplies Used $ 7,350 Factory Utilities $ 33,000 Maintenance expense -Factory Equipment $ 35,400 Rent Expense-Factory Building $ 76,800 Depreciation expense-Factory equipment $ 33,550 Indirect Labor $ 56,875 Miscellenious Production costs $ 8,425 Total Factory overhead Cost Total Manufacturing Costs Add: Work in Process, December 31,2018 Total cost of work in process Less: Work in process, December 31, 2019 Cost of goods Manufactured $ 354,000 $1,939,330 $ 15,700 $1,955,030 $ 19,380 $1,935,650