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Use the following information for the Problems below. (Static) [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 Company Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Raw materials purchases (all direct materials) Maintenance expense-Factory equipment Factory utilities Direct labor Indirect labor Office salaries expense Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense $ 28,750 7,250 8,600 49,325 925,000 35,400 33,000 675,480 159,475 63,000 22,000 26, 100 76,800 392,560 Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Sales Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $ 166,850 182,000 15,700 4,462,500 19, 380 167,350 136,490 Required: 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the schedule of cost of goods manufactured for the current year. LEONE COMPANY Schedule of Cost of Goods Manufactured For Year Ended December 31 Direct materials 166,850 Raw materials inventory, beginning Raw materials purchases 925,000 Raw materials available for use 1,091,850 182,000 Less: Raw materials inventory, ending Direct materials used 909,850 675,480 Direct labor Factory overhead Depreciation expense Factory equipment Factory utilities Rent expense Factory building Maintenance expense Factory equipment 49,325 33,000 76,800 35.400 Factory utilities Rent expense Factory building Maintenance expense Factory equipment 33,000 76,800 35,400 194,525 1,779,855 15,700 Total factory overhead Total manufacturing costs Add: Work in process inventory, beginning Total cost of work in process Less: Work in process inventory, ending Cost of goods manufactured 1,795,555 (19,380) 1,776,175 $ Require Required 2 > LEONE COMPANY Income Statement For Year Ended December 31 $ 4,462,500 Cost of goods manufactured Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured $ 167,350 1,935,650 Goods available for sale 2,103,000 136,490 1,966,510 Less: Finished goods inventory, ending Cost of goods sold Gross profit General and administrative expenses 2,495,990 92,250 Supplies 456,010 Net income $ 1,947,730