Question

Required information 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 $ 33,500 Direct labor 8,500 Income taxes expense 9,680 Indirect labor 33,300 Miscellaneous production costs 115,900 Office salaries expense 8,500 Raw materials purchases 42,900 Rent expense-Office space Rent expense-Selling space 153,100 Rent expense-Factory building 189, eee Maintenance expense-Factory equipment 18,900 Sales 22,800 Sales salaries expense 161,100 140,100 $ 691,900 256,100 59,300 10,100 71,000 999,000 24,000 27,900 80,809 36,100 4,595,100 392,600 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 search

Answer 1

1
Schedule of Cost of goods manufactured
For Year Ended December 31, 2017
Direct materials
Raw materials inventory, December 31, 2016	153100
Raw materials purchases	999000
Raw materials available for use	1152100
Less: Raw materials inventory, December 31, 2017	180000
Direct materials used		972100
Direct labor		691900
Factory overhead
Factory supervision	115900
Factory supplies used	8500
Factory utilities	42000
Maintenance expense—Factory equipment	36100
Rent expense—Factory building	80800
Depreciation expense—Factory equipment	33300
Indirect labor	59300
Miscellaneous production costs	10100
Total factory overhead costs		386000
Total manufacturing costs		2050000
Add: Work in process inventory, December 31, 2016		18900
Total cost of goods in process		2068900
Less: Work in process inventory, December 31, 2017		22800
Cost of goods manufactured		2046100