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 $ 28,750 7,250 8,600 49,325 925,000 35,400 33,000 675,480 159,475 63,000 22,000 26,100 76,800 392,560 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: $ 166,850 182,000 15,700 4,462,500 19,380 167,350 136,490 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement. Required: 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement. Answer is not complete. 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 $ 166,850 925,000 1,091,850 (182,000) $ 909,850 675,480 Direct materials used Direct labor Factory overhead Depreciation expense-Factory equipment 49,325 Factory utilities 33,000 Indirect labor 159,475 Maintenance expense-Factory equipment 35,400 Rent expense-Factory building 76,800 Total factory overhead Total manufacturing costs Add: Work in process inventory, beginning Total cost of work in process Less: Work in process inventory, ending Cost of goods manufactured 354,000 1,939,330 15,700 1,955,030 (19,380) $ 1,935,650 Required: 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the current year income statement. LEONE COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Cost of goods manufactured Finished goods inventory, ending Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit General and administrative expenses Salaries expense Net income 0 0 0