Problem 18-3A Schedule of cost of goods manufactured and income statement; inventory analysis P2 A19 Using the data from Problem 18-2A 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, 2016 Raw materials, December 31, 2017 Work in process, December 31, 2016 Work in process, December 31, 2017 Finished goods, December 31, 2016 Finished goods, December 31, 2017 $166,850 182,000 15,700 19,380 167,350 136,490 Required 1. Prepare the company's 2017 schedule of cost of goods manufactured. Check (1) Cost of goods manufactured, $1,935,650 2. Prepare the company's 2017 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses. Page 793 The following calendar year-end information is taken from the December 31, 2017, 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 Direct labor Indirect labor $ 28,750 Miscellaneous production costs 7.250 Office salaries expense 8,600 Raw materials purchases 33,550 Rent expense-Office space 102,600 Rent expense-Selling space 7.350 Rent expense Factory building 33,000 Maintenance expense-Factory equipment 675.480 Sales 56,875 Sales salaries expense $ 8.425 63.000 925.000 22,000 26,100 76,800 35.400 4.462,500 392,560 Required 1. Classify each cost as either a product or period cost. 2. Classify each product cost as either direct materials, direct labor, or factory overhead. 3. Classify each period cost as either selling expenses or general and administrative expenses