Electricity for workshop 1 7 Depreciation on tools The following calendar year-e

Question

Electricity for workshop 1 7 Depreciation on tools The following calendar year-end information is taken from the December 31, 2015, adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment 10,900 Indirect labor Depreciation expense-Factory equipment 39,700 Miscellaneous production costs Factory supervision Factory supplies used Factory utilities Inventories S 26,200 7,900 Direct labor Income taxes expense $ 678,800 238,500 58,300 9,700 67,000 997,000 28,000 28,600 77,900 Office salaries expense Raw materials purchases 111,600 8,000 33,000 Rent expense Office space Raw materials, December 31,2014 Raw materials, December 31, 2015 157,100 175,000 Rent expense Selling space Rent expense-Factory building Maintenance expense-Factory 38,500 equipment Work in process, December 31, 2014 Work in process, December 31, 2015 Finished goods, December 31, 2014 Finished goods, December 31, 2015 4,576,000 390,600 17,100 Sales 19,000 163,500 135,600 Sales salaries expense

Explanation / Answer

Raw Material Beg. Raw Material           1,57,100 Tfd to WIP           9,79,100 Raw material Purchases           9,97,000 Cl. Raw Material           1,75,000 WIP Beg. WIP              17,100 Tfd from Raw Material           9,79,100 Direct Labor           6,78,800 Tfd to Finished Goods         19,74,400 Depn Fact equipment              39,700 Fact. Supervision           1,11,600 Fact. Supplies Used                 8,000 Factory Utilities              33,000 Misc. Prod. Cost                 9,700 Rent Exp              77,900 Maint. Exp              38,500 Cl. WIP              19,000 Finished Goods Beg. FG           1,63,500 TFD from WIP        19,74,400 Cost of Good Sold         20,02,300 Cl. F.G.           1,35,600 Profit & loss Account for the year 2015 Sales                           45,76,000 Less: Cost of Good Sold                           20,02,300 Gross Profit                           25,73,700 Indirect Labor              58,300 Advertising Exp              26,200 Depn Exp. Sales              10,900 Rent exp-selling              28,600 Sales Salaries           3,90,600 Depn Ex- office Equip                 7,900 Office Salaries              67,000 Rent Exp-office              28,000                             6,17,500 Earning Before Tax                           19,56,200 Tax                             2,38,500 Net income                           17,17,700

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