Return 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-factory equipment Romaterials purchases (all direct materials) Maintenance expense-Factory equipment Factory utilities tract lobo Indirect labor office salaries expense Rent expense-office space Het expense-Selling space Rent ente-Factory building Sales lacles expense 5.53,000 32,000 33,000 75,000 850,000 43,500 38,000 500.000 75,000 45,000 27,000 65,000 156,000 374,000 374, eee Problem 18-3A (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 materials inventory, beginning $ 170,000 Raw materials inventory, ending 175,000 Work in process inventory, beginning 51,000 Sales 2,819,000 Work in process inventory, ending 55,000 Finished goods inventory, beginning 71,000 Finished goods inventory, ending 79,000 Required: 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the current year income statement. of 2 LEONE COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Cost of goods manufactured $ Finished goods inventory, beginning $ 2.819.000 ok 1.728,500 71,000 nces 1.799,500 79,000 Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses 1.720,500 1.098,500 General and administrative expenses Not Income 104,000 994,500 $ 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 170,000 Raw materials purchases 850,000 1.020,000 175,000 $ 845,000 500,000 Raw materials available for use Less: Raw materials inventory, ending Direct materials used Direct labor Factory overhead Indirect labor Factory utilities Maintenance expense-Factory equipment Depreciation expense-Factory equipment Rent expense-Factory building 75,000 38,000 43,500 75,000 156,000