60.1K

Verified Solution

Link Copied!

Required information Problem 14-3A 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 Advertising expense Depreciation expense-0Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories 33,500 Direct labor $677,000 269,500 59,100 10,000 66,000 941,000 22,000 25,400 83,000 38,500 4,625,700 392, 800 11,100 Income taxes expense 9,700 Indirect labor 38,700 Miscellaneous production costs 147,300 Office salaries expense 7,600 Raw materials purchases 33,000 Rent expense-Office space Rent expense-Selling space 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 166,700 Rent expense-Factory building 176,000 Maintenance expense-Factory equipment 18,800 Sales 23,400 Sales salaries expense 167,700 138,200 Problem 14-3A Part 1 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 Raw materials available for use 0 Direct materials used Factory overhead Total factory overhead costs Total manufacturing costs 0 Total cost of work in process 0 Cost of goods manufactured 0

Answer & Explanation Solved by verified expert

See Answer