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 $28,750 Direct labor $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 7,250 Income taxes expense 8,600 Indirect labor 33,550 Miscellaneous production costs 102,600 Office salaries expense 7,350 Raw materials purchases 33,000 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 166,850 Rent expense-Factory building 182,000 Maintenance expense-Factory equipment 15,700 Sales 19,380 Sales salaries expense 167,350 136, 490

Explanation / Answer

Leone Company Cost of Goods Manufactured For the year ended December 31, 2017 $ $ Direct Materials (+) Beginning raw materials inventory 166850 Raw materials purchases 925000 Total raw material available 1091850 (-) Ending raw materials inventory -182000 Direct materials used 909850 Direct labor 675480 Factory overhead Depreciation expense - Factory equipment 33550 Factory supervision 102600 Factory supplies used 7350 Factory utilities 33000 Indirect labor 56875 Miscellaneous production cost 8425 Rent expense - Factory building 76800 Maintenance expense - Factory equipment 35400 354000 Total manufacturing cost 1939330 (+) Beginning Work-in-process inventory 15700 1955030 (-) Ending work-in-process inventory -19380 Cost of Goods Manufactured 1935650

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