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 $ 44,000 23,000 24,000 66,000 760,000 40,800 36,200 464,000 70,000 42,000 25,000 60,000 144,000 346,000 O Required: Identify each cost as either a product cost or a period cost. If a product cost, classify it as direct materials, direct labor, or factory overhead. If a period cost, classify it as a selling expense or a general and administrative expense. (Leave no cell blank. Enter "NA - Not a product cost" or "NA - Not a period cost" for expenses that are not product cost or period cost.) Costs Type of Product Cost Type of Period Cost 1. Advertising expense 2. Depreciation expense-Office equipment 3. Depreciation expense-Selling equipment 4. Depreciation expense-Factory equipment 5. Raw materials purchases (all direct materials) 6. Maintenance expense-Factory equipment 7. Factory utilities 8. Direct labor 9. Indirect labor 10. Office salaries expense 11. Rent expense-Office space 12. Rent expense-Selling space 13. Rent expense-Factory building 14. Sales salaries expense 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 $ 152,000 157,000 46,000 2,554,000 50,000 64,000 72,000 Required: 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement. Required information Required information Required 1 Required 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 Prepare the current year income statement. LEONE COMPANY Income Statement For Year Ended December 31 Raw materials available for use Cost of goods sold Direct materials used S 0 Factory overhead Goods available for sale 0 Cost of goods sold 0 0 Total factory overhead Total manufacturing costs 0 0 Total cost of work in process 0 $ 0 Cost of goods manufactured $ 0 Shown here are annual financial data for a merchandising company and a manufacturing company. Shown here are annual financial data for a merchandising company and a manufacturing company. Music World Retail Wave-Board Manufacturing Music World Retail Wave-Board Manufacturing $ 125,000 $ 400, eee $ 125,000 Beginning inventory Merchandise Finished goods Cost of merchandise purchased Cost of goods manufactured Ending inventory Merchandise Finished goods , $ 400,000 571,000 300,000 Beginning inventory Merchandise Finished goods Cost of merchandise purchased Cost of goods manufactured Ending inventory Merchandise Finished goods 571,000 110,000 210,000 110,000 210, eee Required: Prepare the cost of goods sold section of the income statement for each company. Required: Prepare the cost of goods sold section of the income statement for each company. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Merchandising Manufacturing Business Business Prepare the cost of goods sold section of the income statement for the Merchandising Business. Merchandising Manufacturing Business Business Cost of Goods Sold for the Year Cost of goods sold Prepare the cost of goods sold section of the income statement for the Manufacturing Business. Cost of Goods Sold for the Year Cost of goods sold Goods available for sale 0 Cost of goods sold $ $ 0 Goods available for sale 0 Cost of goods sold $ 0