The following calendar year-end information is taken from theDecember 31, 2017, adjusted trial balance and other records ofLeone Company.
Advertising expense $ 29,200 Direct labor $ 694,600 Depreciation expenseâOfficeequipment 11,600 Income taxes expense 295,300 Depreciation expenseâSellingequipment 10,300 Indirect labor 57,100 Depreciation expenseâFactoryequipment 33,400 Miscellaneous productioncosts 10,500 Factory supervision 126,900 Office salaries expense 62,000 Factory supplies used 9,200 Raw materials purchases 929,000 Factory utilities 40,000 Rent expenseâOffice space 29,000 Inventories Rent expenseâSelling space 27,100 Raw materials, December 31,2016 154,300 Rent expenseâFactorybuilding 80,700 Raw materials, December 31,2017 191,000 Maintenance expenseâFactoryequipment 37,000 Work in process, December 31,2016 18,600 Sales 4,585,200 Work in process, December 31,2017 24,200 Sales salaries expense 390,000 Finished goods, December 31,2016 161,000 Finished goods, December 31,2017 143,100
Required:
1. Prepare the companyâs 2017 schedule of cost ofgoods manufactured.
The following calendar year-end information is taken from theDecember 31, 2017, adjusted trial balance and other records ofLeone Company.
| Advertising expense | $ | 29,200 | Direct labor | $ | 694,600 | ||
| Depreciation expenseâOfficeequipment | 11,600 | Income taxes expense | 295,300 | ||||
| Depreciation expenseâSellingequipment | 10,300 | Indirect labor | 57,100 | ||||
| Depreciation expenseâFactoryequipment | 33,400 | Miscellaneous productioncosts | 10,500 | ||||
| Factory supervision | 126,900 | Office salaries expense | 62,000 | ||||
| Factory supplies used | 9,200 | Raw materials purchases | 929,000 | ||||
| Factory utilities | 40,000 | Rent expenseâOffice space | 29,000 | ||||
| Inventories | Rent expenseâSelling space | 27,100 | |||||
| Raw materials, December 31,2016 | 154,300 | Rent expenseâFactorybuilding | 80,700 | ||||
| Raw materials, December 31,2017 | 191,000 | Maintenance expenseâFactoryequipment | 37,000 | ||||
| Work in process, December 31,2016 | 18,600 | Sales | 4,585,200 | ||||
| Work in process, December 31,2017 | 24,200 | Sales salaries expense | 390,000 | ||||
| Finished goods, December 31,2016 | 161,000 | ||||||
| Finished goods, December 31,2017 | 143,100 | ||||||
Required:
1. Prepare the companyâs 2017 schedule of cost ofgoods manufactured.
Related questions
The following calendar year-end information is taken from theDecember 31, 2017, adjusted trial balance and other records ofLeone Company.
| Advertising expense | $ | 29,500 | |||||
| Depreciation expenseâOfficeequipment | 8,250 | ||||||
| Depreciation expenseâSellingequipment | 10,900 | ||||||
| Depreciation expenseâFactoryequipment | 38,150 | ||||||
| Factory supervision | 104,460 | ||||||
| Factory supplies used | 11,350 | ||||||
| Factory utilities | 35,700 | ||||||
| Direct labor | 708,000 | ||||||
| Indirect labor | 64,800 | ||||||
| Miscellaneous productioncosts | 8,875 | ||||||
| Office salaries expense | 67,950 | ||||||
| Raw materials purchases* | 985,000 | ||||||
| Rent expenseâOffice space | 23,800 | ||||||
| Rent expenseâSelling space | 27,000 | ||||||
| Rent expenseâFactorybuilding | 79,600 | ||||||
| Maintenance expenseâFactoryequipment | 39,000 | ||||||
| Sales | 4,512,500 | ||||||
| Sales salaries expense | 409,360 | ||||||
*Assume that the raw materials inventory account is used onlyfor direct materials. Indirect materials are recorded in a factorysupplies account.
Required:
Classify each of the costs as either a product or period cost.Then, classify each of the product costs as either directmaterials, direct labor, or factory overhead and each of the periodcosts as either selling or general and administrative expenses.(Leave no cell blank.)
