Prepare the current year income statement. LEONE COMPANY Income Statement For Year Ended December 31 Sales $ 4 462 500 Cost of goods sold Finished goods inventory, beginning S 167.350 Cost of goods manu fact red Goods available for sale 167.350 Less: Finished goods inventory, ending 136.490 Cost of goods sold 30, 860 Gross profit 4.431 640 Selling expenses General and administrative expenses Net income $ 4 431, 640