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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, 2019, adjusted trial balance and other records of Leone Company.
S 695,600 Advertising expense $ 26,600 Direct labor Depreciation expense—Office equipment 10,500 Income taxes expense 283,300 Depreciation expense—Selling equipment 10,200 Indirect labor 55,200 Depreciation expense—Factory equipment 32,500 Miscellaneous production costs 11,900 Factory supervision 144,600 Office salaries expense 67,000 Factory supplies used 9,700 Raw materials purchases 957,000 Factory utilities 31,000 Rent expense—Office space 21,000 Inventories Rent expense—Selling space 26,800 Raw materials, December 31, 2018 166,100 Rent expense—Factory building 76,000 Raw materials, December 31, 2019 194,000 Maintenance expense—Factory equipment 36,000 Work in process, December 31, 2018 19,100 Sales 4,565,700 Work in process, December 31, 2019 21,200 Sales salaries expense 396,200 Finished goods, December 31, 2018 162,900 Finished goods, December 31, 2019 143,900
tequired: I. Prepare the company's 2019 schedule of cost of goods manufactured.
Schedule of Cost of Goods Manufactured
For Year Ended December 31, 2019
Direct materials
Raw materials available for use
Direct materials used
0
$
Factory overhead
Total factory overhead costs
Total manufacturing costs
Total cost of work in process
Cost of goods manufactured
2. Prepare the company's 2019 Income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses.
LEONE COMPANY Income Statement r Year Ended December 31, 2019 • Cost of goods sold l, l, 1., Goods available for sale 0 h, Cost of goods sold 0 0 Operating expenses Selling expenses I. h, . • • • . • • • Total selling expenses 0 General and administrative expenses . I. . • . 0 • • Total general and administrative expenses 0 Total operating expenses 0 Income before taxes 0 i. Net income 5 0
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