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 $ 42,000 21,000 22,000 64,000 740,000 40,200 35,800 456,000 68,000 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: $ 148,000 153,000 44,000 2,506,000 48,000 62,000 70,000 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. Sales Cost of goods sold Cost of goods manufactured LEONE COMPANY Income Statement For Year Ended December 31 $ 2,506,000 Finished goods inventory, beginning Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit General and administrative expenses Net income $ 1,539,000 62,000 1,601,000 70,000 1,531,000 975,000 S 975,000 < Required 1 Required 2 >