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 $ 40,000 19,000 20,000 62,000 720,000 39,600 35,400 448,000 67,000 40,000 24,000 58,000 139,000 334,000 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: $ 144,000 149,000 43,000 2,435,000 47,000 60,000 68,000 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 $ 2,435,000 Required information 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 $ 144,000 720,000 Raw materials available for use Less: Raw materials inventory, ending. Direct materials used Direct labor 864,000 149,000 $ 715,000 448,000 Factory overhead Depreciation expense-Factory equipment 62,000 Maintenance expense-Factory equipment 39,600 Factory utilities 35,400 Indirect labor 67,000 Rent expense-Factory building 139,000 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 343,000 1,506,000 43,000 1,549,000 47,000 $ 1,502,000 Required 1 Required 2 > Required 1 Required 2 Prepare the current year income statement. LEONE COMPANY Sales Income Statement For Year Ended December 31 $ 2,435,000 Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Organization expenses Selling expenses $ 60,000 1,502,000 1,562,000 68,000 1,494,000 941,000 $ 941,000 < Required 1 Required 2