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) Haintenance expense-Factory equipment Factory utilities Direct labor Indirect labor office salaries expense Bent expense-office space Hent expense-selling space Rent expense-Factory building Sales salaries expense $ 53,000 12,000 33,000 75,000 850,000 43,500 38,000 500,000 75,000 45,000 27,000 65,000) 156,000 374,000 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 Required: $170,000 175,000 51,000 2.019,000 55,000 71,000 79,000 1. Prepare the schedule of cost of goods manufactured for the current year 2 Prepare the current year income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the schedule of cost of goods manufactured for the current year. LEONE COMPANY Schedule of Cost of Goods Manufactured For Year Ended December 31 Direct materials Raw materials inventory, beginning Raw materials purchases Raw materials available for use Less Raw materials inventory, ending Direct materials used Direct labor Factory overhead $ 170,000 850,000 1,020,000 175,000 S 845,000 500,000 Factory utilities 38,000 Indirect labor 75,000 Depreciation expense-Factory equipment 75,000 Rent expense-Factory building 156,000 Maintenance expense-Factory equipment 43,500 Total factory overhead 387,500 Total manufacturing costs 1,732,500 Add: Work in process inventory, beginning Total cost of work in process Less Work in process inventory, ending Cost of goods manufactured 51,000 1,783,500 55,000 $ 1,728,500 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the current year income statement. Cash Cost of goods sold LEONE COMPANY Income Statement For Year Ended December 31 Goods available for sale Cost of goods sold 0 $ < Required 1 Required 2 0 0