1.Identify each cost as a product or period cost. If a product cost classy as direct materials, direct labor, or factory overhead. If a period cost classify it as a selling expense or general and administrative expense. 2.Prepare the schedule of cost of good manufactured for the current year3. Prepare the current year income statement

Required information [The following information applies to the questions displayed below. ] The foowing year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense $ 60,000 Depreciation expenseOffice equipment 39,000 Depreciation expenseSelling equipment 40,000 Depreciation expenseFactory equipment 82,000 Raw materials purchases (all direct materials) 920,000 Maintenance expense-Factory equipment 45,600 Factory utilities 39,400 Direct labor 528,000 Indirect labor , 79,000 Office salaries expense 47,000 Rent expenseOffice space 28,000 Rent expense-Selling space 67,000 Rent expenseFactory building 161,000 Sales salaries expense 386,000 ruined