Problem 14-3A Schedule of cost of goods manufactured and income statement; inventory analysis CAP2 Using the data from Problem 14-2A and the following additional inventory information for Leone Company, complete the requirements below. Assume income tax expense is $233,725 for the year. Inventories Raw materials, December 31, 2018 $166,850 Raw materials, December 31, 2019 182,000 Work in process, December 31, 2018 15.700 Work in process, December 31, 2019 19.380 Finished goods, December 31, 2018 167.350 Finished goods, December 31, 2019 136,490 Required 1. Prepare the company's 2019 schedule of cost of goods manufactured. Check (1) Cost of goods manufactured, $1,935,650 2. Prepare the company's 2019 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses. Analysis Component 3. Compute the (a) inventory turnover, defined as cost of goods sold divided by average inventory, and (b) days' sales in inventory, defined as 365 times ending inventory divided by cost of goods sold, for both its raw materials inventory and its finished goods inventory. (To compute turnover and days' sales in inventory for raw materials, use raw materials used rather than cost of goods sold.) Round answers to one decimal place. Problem 14-3A Schedule of cost of goods manufactured and income statement; inventory analysis CAP2 Using the data from Problem 14-2A and the following additional inventory information for Leone Company, complete the requirements below. Assume income tax expense is $233,725 for the year. Inventories Raw materials, December 31, 2018 $166,850 Raw materials, December 31, 2019 182,000 Work in process, December 31, 2018 15.700 Work in process, December 31, 2019 19.380 Finished goods, December 31, 2018 167.350 Finished goods, December 31, 2019 136,490 Required 1. Prepare the company's 2019 schedule of cost of goods manufactured. Check (1) Cost of goods manufactured, $1,935,650 2. Prepare the company's 2019 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses. Analysis Component 3. Compute the (a) inventory turnover, defined as cost of goods sold divided by average inventory, and (b) days' sales in inventory, defined as 365 times ending inventory divided by cost of goods sold, for both its raw materials inventory and its finished goods inventory. (To compute turnover and days' sales in inventory for raw materials, use raw materials used rather than cost of goods sold.) Round answers to one decimal place