Required information Problem 01-3A 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, 2016 Work in process, December 31, 2019 Finished goods, December 31, 2018 Finished goods, December 31, 2019 $ 28,750 Direct labor 7,250 Income taxes expense 8,600 Indirect labor 33,550 Miscellaneous production costs 102,600 Office salarias expense 7,350 Raw materials purchases 33,000 Rent expense-Office space Rent expense-selling space 166,850 Rent expense-Factory building 182,080 Maintenance expense-Factory equipment 15,700 Sales 19,380 Sales salaries expense 167,350 136,490 $ 675,480 233,725 56,875 8,425 63,000 925,000 22,000 26,100 76,800 35,400 4,462,500 392,560 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 Sales S 4,462,500 Cost of goods sold Finished goods inventory, December 31, 2018 Cost of goods manufactured $ 15.700 15,700 15.700 4 446 800 Goods available for sale Less: Finished goods inventory, December 31, 2019 Cost of goods sold Gross profit from sales Operating expenses Selling expenses Advertising expense Depreciation expense-Selling equipment Rent expense-Selling space Sales salaries expense WEIGUY CALCIO Required information Depreciation expense Selling equipment Rent expense Selling space Sales salaries expense 0 Total selling expenses General and administrative expenses Depreciation expense-Office equipment Office salaries expense Rent expense-Office space 0 0 Total general and administrative expenses Total operating expenses Income before taxes income taxes expense 4,446 800 Net income 4.446 800