The following information applies to the questions displayed below.
The following yearend information is taken from the December adjusted trial balance and other records of Leone Company.
Advertising expense $
Depreciation expenseOffice equipment
Depreciation expenseSelling equipment
Depreciation expenseFactory equipment
Raw materials purchases all direct materials
Maintenance expenseFactory equipment
Factory utilities
Direct labor
Indirect labor
Office salaries expense
Rent expenseOffice space
Rent expenseSelling space
Rent expenseFactory building
Sales salaries expense
Using the following additional information for Leone Company, complete the requirements below.
Raw materials inventory, beginning $
Raw materials inventory, ending
Work in process inventory, beginning
Sales
Work in process inventory, ending
Finished goods inventory, beginning
Finished goods inventory, ending
Required:
Prepare the schedule of cost of goods manufactured for the current year.
Prepare the current year income statement.
