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 $ 43,000 22,000 Depreciation expense-Selling 23,000 equipment Depreciation expense-Factory 65,000 equipment Raw materials purchases (all direct materials) 750,000 Maintenance expense-Factory 40,500 equipment Factory utilities 36,000 Direct labor Indirect labor 460,000 69,000 Office salaries expense 41,000 Rent expense-Office space 25,000 Rent expense-Selling space 60,000 Rent expense-Factory building 144,000 Sales salaries expense 346,000 $ 150,000 Raw materials inventory, 155,000 Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning ending Work in process inventory, 45,000 beginning Sales 2,529,000 Work in process inventory, 49,000 ending Finished goods inventory, 63,000 beginning Finished goods inventory, 71,000 ending Required: 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement. Required Required 1 2 Prepare the schedule of cost of goods manufactured for the current year. LEONE COMPANY Schedule of Cost of Goods Manufactured Direct materials 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 < Required 1 Required 2 > Required Required 1 2 Prepare the current year income statement. Cost of goods sold LEONE COMPANY Income Statement For Year Ended December 31 Goods available for sale Cost of goods sold < Required 1 Required 2 >