Required information [The following information applies to the questions display

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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 691,200 260,700 57,500 11,300 64,000 967,000 25,000 28,900 80,500 36,300 4, 545,000 398,100 $ 28,400 Direct labor 7,900 Income taxes expense 10,900 Indirect labor 30,500 Miscellaneous production costs 143,000 Office salaries expense 8,400 Raw materials purchases 37,000Rent 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 3, 2016 Finished goods, December 31, 2017 167,200 Rent expense-Factory building 186,000 Maintenance expens e-Factory equipment 16,700 Sales 24,400 Sales salaries expense 161,200 138,900

Explanation / Answer

1. Cost of Goods Manufactured

2. Income statement

$138,900

Schedule of Cost of Goods Manufactured For Year Ended December 31, 2017 Direct material Beginning Raw material, December 31, 2016 $167,000 Add: Raw Material Purchases $967,000 Raw material available for use $1,134,000 Less: Raw materials, December 31, 2017 $186,000 Direct materials Used $948,000 Direct Labor $691,200 Factory Overhead: Depreciation Expense - Factory Equipment $30,500 Factory Supervision $143,000 Factory Supplies used $8,400 Factory Utilities $37,000 Indirect Labor $57,500 Rent expense - Factory building $80,500 Maintenance expense - Factory equipment $36,300 Miscellaneous production costs $11,300 Total Factory Overhead Costs $404,500 Total Manufacturing Costs $2,043,700 Add: Work in Process, December 31, 2016 $16,700 Total Cost of Work in Process $2,060,400 Less: Work in Process, December 31, 2017 $24,400 Cost of Goods Manufactured $2,036,000

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