Question

The following information applies to the questions displayed below. The following calendar year end information is taken from the December 31, 2019, 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, 2018 Raw materials, December 31, 2019 Work in process, December 31, 2018 Work in process, December 31, 2019 Finished goods, December 31, 2018 Finished goods, December 31, 2019 $ 25, 600 Direct labor 11,400 Income taxes expense 10,500 Indirect labor 36,900 Miscellaneous production costs 129,500 office salaries expense 9,000 Raw materials purchases 45,000 Rent expense office space Rent expense-Selling space 160,900 Rent expense-Factory building 194,000 Maintenance expense-Factory equipment 15,100 Sales 20,900 Sales salaries expense 163,600 140, 600 $ 674,300 271, 900 57, 2001 9,000 68,000 963,000 24,000 29,400 82, 100 39,400 4,596, 200 391,200 Required: 1. Prepare the company's 2019 schedule of cost of goods manufactured

Answer 1

LEONE COMPANY Schedule of cost of goods manufactured For the year ended December 31, 2019
Direct materials
Raw materials inventory, December 31, 2018	160900
Raw materials purchases	963000
Raw materials available for use	1123900
Less: raw materials inventory, December 31, 2019	194000
Direct materials used		929900
Direct labor		674300
Factory overhead
Indirect labor	57200
Factory supplies used	9000
Factory utilities	45000
Factory supervision	129500
Maintenance expense – factory equipment	39400
Depreciation expense – factory equipment	36900
Miscellaneous production costs	900
Rent expense-factory building	82100
Total factory overhead costs		400000
Total manufacturing costs		2004200
Add: work in process inventory, December 31, 2018		15100
Total cost work in process		2019300
Less: work in process inventory, December 31, 2019		20900
Cost of goods manufactured		$1998400