Question

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 $ 25, 300 Direct labor 8,700 Income taxe expense 9,700 Indirect labor 33,700 Miscellaneous production costs 127,800 office salaries expense 8,900 Raw material purchases 32,000 Rent expense-office space Rent expense-selling space 157,300 Rent expense-Pactory building 185,000 Maintenance expensePactory equipment 18.700 Sales 22,500 Sales salaries expense 166,300 137.500 693.900 289, 200 58,000 10,900 66,000 942,000 25,000 29, 200 81.600 35,600 4,445,200 396, 100

Answer 1

So lobo LEONE company Income statement For year ended December 31, 2019 Amount ($) Aroom(sy sales 44.45.200 : Less cost of goods sold Beginning finished goody inventory 1,66,300 Addi Cost of goody manufactured 19.92.900 (working Note -1) Less ending finished goods (1,37,500) inventary 20.2), 700 24.23.500 Gross Margin Less: 25.300 selling expenses Advertising expencer Delreciation-seling equilment Rent expenses selling space sale salaries expense 99,200 3.96.100 (4,60.300) Adveri histrative expenses Depreciation office equiliments 8.400 Office Salaries extenser 66.000 Rent expenses-office space 25.000 (99,700) Sncome from operation Income tax expenses Net Income > 18.63,500 9.89.200 15,74,300

working Note: 1 Schedule of cost of goods manufactured for year ended december 31, 2019 Particulans Amount ($) Direct material Beginning raw material - 1.57,300 Add Porchal of raw a 942.000 material Raw material available for To 99,300 Production Less ending raw material (1.85.000). inventory 9,14,300 6.93.900 Raw material transferred to Production Direct labour factory over head Depreciation of expenses 33.400 - factory eauilment factory supervision 127,800 factory supplies used 8.900 factory utilities 32.000 Indirect labour 58.000 misc. Production cost 10.900

rent expenses - factory 81,600 building maintenance expenses 35.600 - factary equipment & 3.88,500 Total manufacturing cost Add: Beginning work in Progress 19.96.7oo 18,400 (92,500) Less ending work in Progress Cost of goods manufactured u 19.92.900
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