Inventories Raw materials, December 31,2014…$166,850 Raw materials, December 31,

Question

Inventories

Raw materials, December 31,2014…$166,850

Raw materials, December 31, 2015…182,000

Work in process, December 31, 2014…15,700

Work in process, December 31, 2015…19,380

Finished goods, December 31, 2014…167,350

Finished goods, December 31, 2015…136,490.

Required: (1) Prepare the company's 2015 schedule of cost of goods manufactured. (2) Prepare the company's 2015 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses.

[The following information applies to the questions displayed below.] The following calendar year-end information is taken from the December 31, 2015, adjusted trial balance and other records of Leone Company. $ 675,480 233,725 56,875 8,425 63,000 925,000 22,000 26,100 76,800 35,400 4,462,500 392,560 $ 28,750 Direct labor 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, 2014 Raw materials, December 31, 2015 Work in process, December 31, 2014 Work in process, December 31, 2015 Finished goods, December 31, 2014 Finished goods, December 31, 2015 /,250 Income taxes expense 8,600Indirect labor 33,550Miscellaneous production costs Office salaries expense Raw materials purchases Rent expense-Office space Rent expense Selling space Rent expense-Factory building Maintenance expense-Factory equipment 102,600 7,350 33,000 166,850 182,000 15,700 Sales 19,380 Sales salaries expense 167,350 136,490

Explanation / Answer

1.

2.

statement of cost of goods manufactured Particular Amount direct material consumed 909350 opening raw material 166850 purchases 925000 closing -182500 direct labour 675840 supplies and utilities 40350 Prime cost 1625540 depriciation factory 33550 supervision 102600 indirect labour 56875 miscllaneous cost 8425 rent factory 76800 maintanence 35400 Total cost 1939190 opening wip 15700 closing wip -19380 cost of goods manufactured 1935510

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