Question

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. 2017, adjusted trial balance and other records of Leone Company 688,90 6e, 00 68,00 Depneciation expen Depreciation elling equipment equipeent 10,900 Incose taxes expense 10,680 Indl 9,400 142,300 office salarles expense Factory supplies used Factory utilitles 8,400 Ra 31,000 Rent expense-Office space 961 se,ese Paintenance exgense-Factory equipment 4, 546,00 Work in process Finished goods, Decesber 31, 2024 Sales salaries expense 391,600 Problem 18-3A Part1 1. Prepare the company's 2017 schedule of cost of goods manufactured of Cost of Goods Prey 5 of s Next >

Answer 1

LEONE COMPANY Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Cost of goods manufactured Add: Finished goods inventory, December 31, 2016 Goods available for sale Less: Finished goods inventory, December 31, 2017 Cost of goods sold Gross profit from sales Operating expenses Selling expenses Depreciation expense-Selling equipment Rent expense-Selling space Sales salaries expense Advertising expense Total selling expenses General and administrative expenses Depreciation expense-Office equipment Office salaries expense Rent expense-Office space Total general and administrative expenses Total operating expenses Income before taxes Income taxes expense Net income 4546000 2032200 163400 2195600 135800 2059800 2486200 10600 27100 391600 28600 45 7900 10900 68000 30000 108900 566800 1919400 253700 1665700