! Required information [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 Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Raw materials purchases (all direct materials) Maintenance expense-Factory equipment Factory utilities Direct labor Indirect labor Office salaries expense Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense $ 43,000 22,000 23,000 65,000 750,000 40,500 36,000 460,000 69,000 41,000 25,000 60,000 144,000 346,000 Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Sales Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $ 150,000 155,000 45,000 2,529,000 49,000 63,000 71,000 Prepare the current year income statement. LEONE COMPANY Income Statement For Year Ended December 31 Sales $ 2,529,000 Cost of goods sold Cost of goods manufactured Finished goods inventory, beginning $ 1,555,500 63,000 Goods available for sale 1,618,500 Less: Finished goods inventory, ending 71,000 Cost of goods sold 1,547,500 981,500 Gross profit Net income $ 981,500