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 $ 676,500 254,600 59,300 10,800 69,000 937,000 26,000 25,900 79,900 37,800 4,485,700 394,200 $ 34,700 Direct labor 11,000 Income taxes expense 10,500 Indirect labor 35,000 Miscellaneous production costs 128,900 Office salaries expense 8,100 Raw materials purchases 30,000 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 153,200 Rent expense-Factory building 192,000 Maintenance expense-Factory equipment 19,000 Sales 21,700 Sales salaries expense 167,800 138,000 Required: 1. Prepare the company's 2017 schedule of cost of goods manufactured

Answer 1

LEONE COMPANY SCHEDULE OF COST OF GOODS MANUFACTURED FOR THE PERIOD ENDED 31 DECEMBER 2017 2 Particulars In In In 4 Direct materials Raw materials inventory, December 31,2016 Raw materials purchases Raw materials available for use 1,53,200 9,37,000 6 10,90,200 8 Less: Raw materials inventory, December 31, 2017 9 Direct materials used 10 Direct labour 11 Factorv over head 12 Depreciation expense-Factory equipment 13 Factory supervision 4 Factory supplies used 15 Factory utilities 16 Rent expense-Factory building 17Maintenance expense-Factory equipment 1,92,000 8,98,200 6,76,500 35,000 1,28,900 8,100 30,000 79,900 37,800 10,800 59,300 Miscellaneous production costs tIndirect labor 3,89,800 19,64,500 19,000 19,83,500 -21,700 19,61,800 20 Total factorv overhead costs Total manufacturing costs Add:Work in process inventory, December 31,2016 Total cost of work in process Less: Work in process inventory.December 31,20127 Cost of goods manufactured

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