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 $ 50,000 29,000 30,000 72,000 820,000 42,600 37,400 488,000 73,000 44,000 26,000 62,000 149,000 358,000 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: $ 164,000 169,000 49,000 2,717,000 53,000 69,000 77,000 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. 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 $ 2,717,000 ( Cost of goods sold Cost of goods manufactured Finished goods inventory, beginning 69,000 Goods available for sale 69,000 Less: Finished goods inventory, ending 77,000 Cost of goods sold Gross profit (8,000) 2,725,000 Selling expenses General and administrative expenses Net income < Required 1 $ 2,725,000 Required 2 >