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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 $33,700 Direct labor $680,700
Depreciation expense—Office equipment 11,300 Income taxes expense 262,500
Depreciation expense—Selling equipment 10,700 Indirect labor 57,100
Depreciation expense—Factory equipment 37,500 Miscellaneous production costs 11,100
Factory supervision 146,200 Office salaries expense 70,000
Factory supplies used 9,500 Raw materials purchases 992,000
Factory utilities 42,000 Rent expense—Office space 28,000
Inventories Rent expense—Selling space 27,500
Raw materials, December 31, 2016 168,300 Rent expense—Factory building 78,000
Raw materials, December 31, 2017 192,000 Maintenance expense—Factory equipment 36,700
Work in process, December 31, 2016 15,800 Sales 4,486,400
Work in process, December 31, 2017 25,000 Sales salaries expense 393,700
Finished goods, December 31, 2016 167,100
Finished goods, December 31, 2017 144,800

Prepare the company’s 2017 schedule of cost of goods manufactured.
  

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Solution

LEONE COMPANY
Cost of Goods Manufactured
For year ended December 31 2017
Direct Material
Raw material Inventory december 31 2016 $     168,300.00
Raw material Purchased $     992,000.00
Raw material available for use $ 1,160,300.00
Less: Raw material Inventory December 31 2017 $     192,000.00
Direct Material Used $     968,300.00
Direct labor $     680,700.00
Factory Overheads
Facrtory Supervision $     146,200.00
Factory Supplies Used $          9,500.00
Indirect labor $        57,100.00
Rent- Factory Building $        78,000.00
Maintenance - Factory Equipment $        36,700.00
Depreciation - Factory Equipment $        37,500.00
Miscelanious Production Cost $        11,100.00
Factory Utilities $        42,000.00
Total factory overheads $     418,100.00
Total manufacturing Cost $ 2,067,100.00
Add: Work in progess december 31 2016 $       15,800.00
Total cost of Work in process $ 2,082,900.00
Less: Work in progress december 31 2017 $       25,000.00
Cost of Goods Manufactured $ 2,057,900.00

ekkarill92 answered 1 year ago
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