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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

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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 expenser 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 $ 33,000 12,000 13,000 55,000 650.000 37,500 34,000 420,000 63,000 36,000 23,000 55,000 132,000 317,000 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. tnding Finished goods Inventory, beining Finished goods Inventory, ending $ 130.000 135,000 39,000 2,239,000 43.000 55.000 63.000 Required: 1. Prepare the schedule of cost of goods manufactured for the current year 2. Prepare the current year income statement 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 Sales Raw materials available for use Direct materials used $ 0 Factory overhead Total factory overhead Total manufacturing costs 0 0 Total cost of work in process 0 Cost of goods manufactured $ Required Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the current year income statement. $ 2,239,000 X LEONE COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Finished goods inventory, beginning 5 Cost of goods manufactured Cost of goods sold Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses Rent expense Selling expenses Net Income 55,000 1,382,500 1,437,500 2,875,000 (63,000) > 2.812,000 (573,000) $ (573,000)

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