Problem 14-3A Schedule of cost of goods manufactured and income statement; inventory analysis LO P2, A1 [The following information applies to the questions displayed below.] The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories Raw materials, December 31, 2018 Raw materials, December 31, 2019 Work in process, December 31, 2018 Work in process, December 31, 2019 Finished goods, December 31, 2018 Finished goods, December 31, 2019 $ 31,500 Direct labor 9,500 Income taxes expense 10,500 Indirect labor 31,800 Miscellaneous proctiction costs 101,800 office salaries expense 9,900 Raw materials purchases 35,000 Rent expense-Office space Rent expense-Selling space 158,600 Rent expense-Factory building 175,000 Maintenance expense-Factory equipment 17,600 Sales 19,600 Sales salaries expense 164, 100 136,400 $ 685,300 238,800 56,300 9,000 73,000 996,000 25,000 27,400 82,800 37,700 4,616,800 398,500 Problem 14-3A Part 1 2 Schedule of Cost of Goods Manufactured For Year Ended December 31, 2019 Direct materials Raw materials available for use Direct materials used $ 0 Factory overhead Total factory overhead costs Total manufacturing costs 0 0 Total cost of work in process 0 Cost of goods manufactured $ 0 Problem 14-3A Part 2 2. Prepare the company's 2019 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses. LEONE COMPANY Income Statement For Year Ended December 31, 2019 Cost of goods sold Goods available for sale 0 Cost of goods sold 0 + 0 Operating expenses Selling expenses 0 Total selling expenses General and administrative expenses 0 0 Total general and administrative expenses Total operating expenses Income before taxes 0 $ 0 Net Income