mework: Managerial Accounting Assignment i Saved 12 Required information The following information applies to the questions displayed below.] The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone art 2 of 2 Company. Advertising expense 000'DE $ Depreciation expense-Office equipment 9 , 000 Depreciation expense-Selling equipment 10, 000 oints Depreciation expense-Factory equipment 52 , 000 Raw materials purchases (all direct materials) 620, 000 Maintenance expense-Factory equipment 36, 600 eBook Factory utilities 33, 400 Direct labor 408, 000 Print Indirect labor 61, 000 Office salaries expense 37,000 References Rent expense-Office space 22, 000 Rent expense-Selling space 53,000 Rent expense-Factory building 127,000 Sales salaries expense 305,000 Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning $ 124, 000 Raw materials inventory, ending 129, 090 Work in process inventory, beginning 37 , 000 Sales 2, 144, 000 Work in process inventory, ending 41, 000 Finished goods inventory, beginning 52 , 000 Finished goods inventory, ending 50, 090 Required: Mc Graw Hill Type here to search 9 e P T12 minisnen soons inventorv. nepinning Required information 1. Prepare the schedule of cost of goods manufactured for the current year. rt 2 of 2 2. Prepare the current year income statement. Complete this question by entering your answers in the tabs below. ints Required 1 Required 2 eBook Prepare the schedule of cost of goods manufactured for the current year. Print References LEONE COMPANY Schedule of Cost of Goods Manufactured For Year Ended December 31 Direct materials Raw materials inventory, beginning $ 124,000 Raw materials purchases 620,000 Raw materials available for use 744,000 Less: Raw materials inventory, ending (129,000) Direct materials used $ 615,000 Direct labor 408.000 Factory overhead Indirect lahar 81 nnal Mc Graw Hill Type here to search 912 Required information Direct materials used $ 615,000 Part 2 of 2 Direct labor 408,000 Factory overhead Indirect labor 61,000 3 Factory utilities 33,400 points Maintenance expense-Factory equipment 36,600 Depreciation expense-Factory equipment 52,000 eBook Print References Total factory overhead 183,000 Total manufacturing costs 1,206,000 Add: Work in process inventory, beginning 37,000 Total cost of work in process 1,243,000 Less: Work in process inventory, ending (41,000) Cost of goods manufactured $ 1,202,000 Required 2 > Mc Graw Hill Type here to search 9 P12 Required information Required 1 Required 2 Part 2 of 2 Prepare the current year income statement. 3 LEONE COMPANY points Income Statement For Year Ended December 31 eBook Sales $ 2,144,000 Cost of goods sold Print Finished goods inventory, beginning $ 52,000 References Cost of goods manufactured 1,202,000 Goods available for sale 1,254,000 Less: Finished goods inventory, ending (60,000) Cost of goods sold 1, 194,000 Gross profit 950,000 Selling expenses 398,000 General and administrative expenses 68,000 Net income $ 484,000 Type here to search