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Required information [The following information applies to the questions displayed below.) The following year-end Information is taken from the December 31 adjusted trial balance and other records of Leone Company Advertising expense Depreciation expense-office equipment Depreciation expense-selling equipment Depreciation expense-Pactory equipment Raw materials purchases (all direct materials) Maintenance expense-Pactory equipment Factory utilities Direct labor Indirect labor office salaries expense Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense $ 33,000 12,000 13,000 55,000 650,000 37,500 34,000 420,000 63,000 38,000 23,000 55,000 132.000 317,000 Required Information ces LEONS COMPANY Schedule of Cost of Goods Manufactured For Year Ended December 31 Direct materials Raw materials inventory, beginning 130.000 Raw materials purchases 650,000 Depreciation expenseFactory equipment 55,000 Raw materials available for use 835,000 Less: Raw materials inventory, ending 43,000 Direct materials used $ 792,000 Direct labor 420,000 Factory overhead Indirect labor 63,000 Factory supplies used 8,300 + Factory utilities 34,000 Factory supervision 128,400 Maintenance expense--Factory equipment 37,500 Depreciation expense_Factory equipment 55,000 Rent expense-Factory building 132,000 Total factory overhead 458,200 Total manufacturing costs 1.670,200 Add: Work in process inventory, beginning 39.000 Total cost of work in process 1,709,200 Less: Work in process inventory, ending 43,000 Cost of goods manufactured $ 1,666.200 Required 2 > Required information Required 1 Required 2 Prepare the current year Income statement. LEONE COMPANY Income Statement For Year Ended December 31 $ 2,045,900 162,300 63,000 2,271,200 55,000 Cost of goods sold Cost of goods manufactured Finished goods inventory, beginning Finished goods inventory, ending Goods available for sale Add: Finished goods inventory, beginning Cost of goods sold (Gross profit Selling expenses Depreciation expense-Factory Equipment Work in process inventory Net income 2,216,200 (2,216,200) 55,000 43,000 S (2,314,200) Required information Required 1 Required 2 Prepare the current year Income statement. LEONE COMPANY Income Statement For Year Ended December 31 $ 2,045,900 162,300 63,000 2,271,200 55,000 Cost of goods sold Cost of goods manufactured Finished goods inventory, beginning Finished goods inventory, ending Goods available for sale Add: Finished goods inventory, beginning Cost of goods sold (Gross profit Selling expenses Depreciation expense-Factory Equipment Work in process inventory Net income 2,216,200 (2,216,200) 55,000 43,000 S (2,314,200)

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