(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 $ 48,000 27,000 28,000 70,000 800,000 42,000 37,000 480,000 72,000 43,000 26,000 62,000 149,000 358,000 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, ending Finished goods inventory, beginning Finished goods inventory, ending Required: $ 160,000 165,000 48,000 2,670,000 52,000 67,000 75,000 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement. Direct materials LEONE COMPANY Schedule of Cost of Goods Manufactured For Year Ended December 31 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 Cost of goods sold Goods available for sale Cost of goods sold LEONE COMPANY Income Statement For Year Ended December 31