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[The following information applies to the questions displayed below.] The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company.

Advertising expense	$ 40,000
Depreciation expenseOffice equipment	19,000
Depreciation expenseSelling equipment	20,000
Depreciation expenseFactory equipment	62,000
Raw materials purchases (all direct materials)	720,000
Maintenance expenseFactory equipment	39,600
Factory utilities	35,400
Direct labor	448,000
Indirect labor	67,000
Office salaries expense	40,000
Rent expenseOffice space	24,000
Rent expenseSelling space	58,000
Rent expenseFactory building	139,000
Sales salaries expense	334,000

Using the following additional information for Leone Company, complete the requirements below.

Raw materials inventory, beginning	$ 144,000
Raw materials inventory, ending	149,000
Work in process inventory, beginning	43,000
Sales	2,435,000
Work in process inventory, ending	47,000
Finished goods inventory, beginning	60,000
Finished goods inventory, ending	68,000

Required: 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement.