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 Required: $ 150,000 155,000 45,000 2,529,000 49,000 63,000 71,000 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 Direct materials Schedule of Cost of Goods Manufactured For Year Ended December 31 Raw materials inventory, beginning Raw materials purchases $ 150,000 750,000 Raw materials available for use Less: Raw materials inventory, ending Direct materials used Direct labor 900,000 155,000 $ 745,000 460,000 Factory overhead Depreciation expense-Factory equipment 65,000 Factory utilities 36,000 Maintenance expense-Factory equipment 40,500 Indirect labor 69,000 Rent expense-Factory building 144,000 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 354,500 1,559,500 45,000 1,604,500 49,000 $ 1,555,500 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 Required: $ 150,000 155,000 45,000 2,529,000 49,000 63,000 71,000 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 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, beginning Goods available for sale 0 Less: Finished goods inventory, ending Cost of goods sold Gross profit General and administrative expenses Cash Cash Net income 0 $ 0 < Required 1 Required 2