Question

The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and...

The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company.

   

Advertising expense $ 29,200 Direct labor $ 694,600
Depreciation expense—Office equipment 11,600 Income taxes expense 295,300
Depreciation expense—Selling equipment 10,300 Indirect labor 57,100
Depreciation expense—Factory equipment 33,400 Miscellaneous production costs 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 expense—Office space 29,000
Inventories Rent expense—Selling space 27,100
Raw materials, December 31, 2016 154,300 Rent expense—Factory building 80,700
Raw materials, December 31, 2017 191,000 Maintenance expense—Factory equipment 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 company’s 2017 schedule of cost of goods manufactured.
  

Business   Accounting   
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Answer #1

Schedule of Cost of Goods Manufactured :-

Particulars Amount($) Amount($)
Raw Materials Inventory,1/1 154300
Add : Raw Materials Purchase 929000
Raw Material Available for use 1083300
Less : Raw Material Inventory,31/12 (191000)
Direct Materials Used 892300 892300
Direct Labor 694600
Factory Overhead :-
Depreciation Expense - Factory Equipment 33400
Factory Supervision 126900
Factory Supplies Used 9200
Factory Utilities 40000
Indirect Labor 57100
Miscellaneous Production Costs 10500
Rent Expense - Factory Building 80700
Maintenance Expense - Factory Equipment 37000
Add : Total Factory Overhead Costs 394800 394800
Total Manufacturing Costs 1981700
Add: Bedinning WIP Goods 18600
Total Cost of Goods in Process 2000300
Less : Ending WIP Goods (24200)
Cost of Goods Manufactured 1976100
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