80.2K

Verified Solution

Link Copied!

Required information Required $1$

Prepare the schedule of cost of goods manufactured for the current year.

$\backslash$table$[[$LEONE COMPANY$],[$Schedule of Cost of Goods Manufactured$],[$For Year Ended December $31],[$Direct materials$],[$Raw materials inventory, beginning,$174,000,,],[$Raw materials purchases,$870,000,,],[,,,],[$Raw materials available for use,$1,044,000,,],[$Less: Raw materials inventory, ending,$179,000,,],[$Direct materials used,,$$,865,000],[$Direct labor,,,$508,000],[$Factory overhead$],[$Depreciation expense$-$Factory equipment,$77,000,,],[$Maintenance expense$-$Factory equipment,$44,100,,],[$Factory utilities,$38,400,,],[$Indirect labor,$76,000,,],[$Rent expense$-$Factory building,$161,000,,],[?],[],[$Total factory overhead,,,$396,500],[$Total manufacturing costs,,,$1,769,500],[,,,],[$Total cost of work in process,,,$1,769,500],[],[$Cost of goods manufactured,,$$,1,769,500]]$ Required information

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Prepare the current year income statement.

$[$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.

Using the following additional information for Leone Company, complete the requirements below.

Required:

Prepare the schedule of cost of goods manufactured for the current year.

Prepare the current year income statement.

Show all imagesShow all images

Answer & Explanation Solved by verified expert

See Answer