Required information Use the following information for the Problems below. (Algo) [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-actory equipment Raw materiale purchases (all direct materials Maintenance expenne-Factory equipment Factory utilities Direct labor Indirect labor Ofte salaries expense Rent expense office space Bent expre-selling space Rent expense-Factory building Das solares expense $ 58,000 37.000 38,000 80,000 900,000 45,000 39.000 520.000 78,000 47.000 28,000 67,000 161.000 386,000 Problem 14-3A (Algo) Schedule of cost of goods manufactured and income statement LO P1, P2 Using the following additional information for Leone Company, complete the requirements below. Raw materiale inventory, beginning $ 180,000 Raw materials inventory. ending 185,000 Work in process inventory, beginning 54,000 Sales 2,960,000 Work in process inventory, ending 58,000 Finished goods inventory, beginning 76.000 Finished goods Inventory. ending 84,000 Required: 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement. LEONE COMPANY Schedule of Cost of Goods Manufactured For Year Ended December 31 Direct materials Raw materials available for use Direct materials used Factory overhead Total factory overhead Total manufacturing costs Total cost of work in process Cost of goods manufactured LEONE COMPANY Income Statement For Year Ended December 31 Cost of goods sold Goods available for sale Cost of goods sold