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 $ 59,000 38,000 39,000 81,000 910,000 45,300 39,200 524,000 79,000 47,000 28,000 67,000 161,000 386,000 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 $ 182,000 187,000 55,000 2,984,000 59,000 77,000 85,000 Required: 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement. 12 ! Required information HIVI HIVI For Year Ended December 31 Part 2 of 2 Sales > $ 2,984,000 Cost of goods sold Cost of goods manufactured Finished goods inventory, beginning S 1,830,500 77,000 pints 1,907,500 > 85,000 Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Supplies expense Selling expenses 1,822,500 1,161,500 39,000 X Salaries expense 59,000 X 386,000 X 677,500 Net income