Question

Required information (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-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories 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 $ 32,700 Direct labor 7,600 Income taxes expense 11,000 Indirect labor 36,200 Miscellaneous production costs 117,700 Office salaries expense 9,000 Raw materials purchases 36,000 Rent expense-Office space Rent expense-Selling space 163,900 Rent expense-Factory building 192,000 Maintenance expense-Factory equipment 15,000 Sales 21,900 Sales salaries expense 162,100 139,300 $ 683,000 258,300 59,400 11,100 71,000 933,000 26,000 26,600 81,100 36,900 4,516,300 390, 100

Answer 1

		Leone Company
Schedule of Cost of Goods Manufactured
Direct materials
Raw materials inventory,Dec 31,2016						163,900
Raw materials purchases						933,000
Raw materials available for use						1,096,900
less:Raw materials inventory ,December 31,2017						192,000
Direct materials used							904,900
Direct labor							683,000
Factory overhead
Depreciation expense-factory equipment						36,200
Factory supervision						117,700
factory supplies used						9,000
Factory utilities						36,000
Rent expense- factory building						81,100
Maintenance expense-Factory equipment						36,900
Miscellaneous production costs						11,100
Indirect labor						59,400
total factory overhead costs							387,400
total manufacturing costs							1,975,300
Add:work in process inventory,dec 31,2016							15,000
total cost of work in process							1,990,300
less:work in process inventory ,december 31,2017							21,900
cost of goods manufactured							1,968,400