points skipped References Required information {The foilowr'ng infoman'on applies to the questions displayed below] The following year-end information is taken from the December 31 adjusted trial balance and other records ofLeone Company. Advertising expense $ 38,000 Depreciation expenseOffice equipment 17,000 Depreciation expenseHSelling equipment 18,000 Depreciation expenseFactory equipment 60,000 Raw materials purchases (all direct materials) 700,000 Maintenance expense-Factory equipment 39,000 Factory utilities 35,000 Direct labor 440,000 Indirect labor 66,000 Office salaries expense 40,000 Rent expenseOffice space 24,000 Rent expenseSelling space 58,000 Rent expenseFactory building 139,000 Sales salaries expense 334,000 Using the following additional information for Leone Company. complete the requirements below. Raw materials inventory, beginning $ 140,000 RawI materials inventory. ending 145,000 Work in process inventory, beginning 42,000 Sales 2,339,000 Work in process inventory, ending 46,000 Finished goods inventory. beginning 59,000 Finished goods inventory. ending 67,000 Required: 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the currentyear income statement. LO Week One Homework i Saved Paste B I UvabX x|A DAY Paragraph Styles Dictate * Office Update To keep up-to-date with security updates, fixes, and improvement... Check for 3 O Required information DROP-DOWN MENU OPTIONS Section: Direct Material, Direct Materials Used, Factory Overhead Direct materials Advertising expense 5 Depreciation expense - factory equipment points Depreciation expense - office equipment Depreciation expense - selling equipment Skipped Direct labor Raw materials available for use 0 Factory supervision Factory supplies used eBook Direct materials used $ 0 Factory utilities Finished good, beginning Print Finished goods, ending Income taxes expense References Factory overhead Indirect labor Maintenance expense - factory equipment Miscellaneous production costs Office salaries expense Raw materials, beginning Raw materials, ending Raw materials purchase Rent expense- factory building Rent expense - office space Total factory overhead Rent expense - selling space Sales Total manufacturing costs Sales salaries expense Work in process, beginning Total cost of work in process Work in process, ending Section: Raw materials available for use, Total manufacturing cost, Total cost work in process Cost of goods manufactured $ 0 Add: Raw materials inventory, beginning Add: work in process inventory, beginning Less: Raw materials inventory, ending Mc Graw 10 Required information 5 Required 1 Required 2 points Prepare the May 31 journal entry to transfer the cost of units from Forming to Assembly. eBook View transaction list Print Journal entry worksheet References Record the transfer of goods to next department. Note: Enter debits before credits. Date General Journal Debit Credit May 31 Record entry Clear entry View general journal Mc Graw