! Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,172,000 36,000 57,000 62,700 196,300 241,000 25,000 59,000 5,250 52,000 88,000 142,000 48,800 41,000 71,700 Prepare its schedule of cost of goods manufactured for the current year ended December 31. DELRAY MFG. Schedule of Cost of Goods Manufactured For Year Ended December 31, Year 1 Direct materials Raw materials available for use 0 Direct materials used $ 0 Factory overhead: 0 Total factory overhead costs Total manufacturing costs Total cost of work in process 0 Cost of goods manufactured $ 0 DELRAY MFG. Income Statement For Year Ended December 31, Year 1 Cost of goods sold Cost of goods available for sale Cost of goods sold Operating expenses Total operating expenses Operating income Required information [The following information applies to the questions displayed below.) The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company. $ 33,900 11,600 10,600 31,600 125,500 7,800 36,000 Advertising expense Depreciation expense-office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories Raw materials, December 31, 2018 Raw materials, December 31, 2019 Work in process, December 31, 2018 Work in process, December 31, 2019 Finished goods, December 31, 2018 Finished goods, December 31, 2019 Direct labor Income taxes expense Indirect labor Miscellaneous production costs Office salaries expense Raw materials purchases Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Maintenance expense-Factory equipment Sales Sales salaries expense 694,200 263,100 57,300 11,400 62,000 997,000 21,000 27,100 78,500 38,300 4,545,100 162,600 189,000 18,100 18,000 163,000 144,200 398,300 Required: 1. Prepare the company's 2019 schedule of cost of goods manufactured. LEONE COMPANY Schedule of Cost of Goods Manufactured For Year Ended December 31, 2019 Direct materials Raw materials available for use 0 Direct materials used 0 Factory overhead 0 Total factory overhead costs Total manufacturing costs 0 Total cost of work in process 0 Cost of goods manufactured 0 2. Prepare the company's 2019 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses. LEONE COMPANY Income Statement For Year Ended December 31, 2019 Cost of goods sold Goods available for sale Cost of goods sold Operating expenses Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total operating expenses Income before taxes Net income