Required information Use the following information for the Problems below. (Static) [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 $ 28,750 7,250 8,600 49,325 925,000 35,400 33,000 675,480 159,475 63,000 22,000 26,100 76,800 392,568 28 Problem 14-3A (Static) Schedule of cost of goods manufactured and income statement LO P1, P2 Using the following additional information for Leone Company, complete the requirements below. A $166,850 182,000 Raw materials inventory, beginning Raw materials inventory, ending Mork in process inventory, beginning Sales Hork in process inventory, ending Finished goods Inventory, beginning Finished goods inventory, ending Required: 15,700 4,462,580 19,380 167,350 136,490 1. Prepare the schedule of cost of goods manufactured forthe current year. 2. Prepare the current year income statement 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 166,850 925,000 Raw materials available for use 1,091,850 Less: Raw materials inventory, ending 182,000 Direct materials used $ 909,850 Direct labor 675,480 Required information Direct labor Factory overhead Indirect labor 159,475 Depreciation expense-Factory equipment 49,325 Factory utilities 33,000 Maintenance expense-Factory equipment 35,400 Rent expense-Factory building 76,800 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 675,480 354,000 1,939,330 15,700 1,955,030 19,380 $ 1,935,650 Required information Sales Income Statement For Year Ended December 31 $ 4,462,500 Cost of goods sold Finished goods inventory, beginning $ 167,350 Cost of goods manufactured Goods available for sale 167,350 Less: Finished goods inventory, ending 136,490 Cost of goods sold Gross profit 30,860 4,431,640 Selling expenses General and administrative expenses Net income $ 4,431,640