Question

Chapter 18

The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company.

Required information Problem 18-3A 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, 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 $ 27,600 Direct labor 9,000 Income taxes expense 9,500 Indirect labor 30,900 Miscellaneous production costs 147,600 Office salaries expense 7,700 Raw materials purchases 42,000 Rent expense-Office space Rent expense-Selling space 164,300 Rent expense-Factory building 178,000 Maintenance expense-Factory equipment 15,700 Sales 20,800 Sales salaries expense 166,800 144,600 $ 688,000 299, 200 59,300 11,900 64,000 994,000 24,000 27,100 82,800 39,700 4,615,000 394,600

Answer 1

YOUR ANSWER

4615000 Sales cost of goods sold cost of goods manufactured finished goods inventory dec 31 20851001 166800] 2251900 1446001 2107300 2507700 goods availbale for sale less finished goods inventory dec 31 cost of goods sold Igross profit from sales operating expenses selling expenses Depreciation expense-Selling equipment Rent expense-Selling space Sales salaries expense Advertising expense 9500 27100|| 3946001 27600 458800 total selling expenses Reneral and administrative expenses Depreciation expense-Office equipment Office salaries expense Rent expense-Office space 9000 64000 24000 1 total general and administrative expenses total operating expenses income before taxes income tax expense net income 97000 555800 19519001 299200| 1652700

WORKING

Direct Materials Raw materials inventory december 31 Raw materials purchases 164300 9940001 11583001 178000 980300 688000 Raw materials available for use less:raw materials inventory december 31 Direct materials 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 59300 77001 42000 1476001 39700 30900 119001 828001 total factory overhead total manuacturing costs add:work in process december 31 total cost of work in process less:work in process december 31 cost of goods manufactured 4219001 2090200 5700 2105900 1 2085100