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 $ 57,000 36,000 37,000 79,000 890,000 44,700 38,800 516,000 77,000 46,000 28,000 67,000 161,000 386,000 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: $ 178,000 183,000 53,000 2,936,000 57,000 74,000 82,000 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 + $ 178,000 890,000 1,068,000 183,000 $ 885,000 Indirect labor 77,000 Depreciation expense-Factory equipment 79,000 Maintenance expense-Factory equipment 44,700 Factory utilities 38,800 Required information of 2 Indirect labor Depreciation expense-Factory equipment 77,000 79,000 Maintenance expense-Factory equipment 44,700 Factory utilities 38,800 + Rent expense-Factory building 161,000 35:56 Total factory overhead 400,500 Total manufacturing costs 1,285,500 bok nt ences Add: Work in process inventory, beginning Total cost of work in process Less: Work in process inventory, ending Cost of goods manufactured 1,285,500 $ 1,285,500 Required 1 Required 2 > Prepare the current year income statement. LEONE COMPANY Income Statement For Year Ended December 31 Cost of goods sold Goods available for sale Cost of goods sold + 0 $ 0 0 0