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 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 $ 47,000 26,000 27,000 69,000 790,000 41,700 36,800 476,000 71,000 43,000 26,000 62,000 149,000 358,000 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 Raw materials inventory, ending Work in process inventory, beginning Sales Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Required: $ 158,000 163,000 47,000 2,647,000 51,000 66,000 74,000 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement. Required 1 Required 2 Prepare the current year income statement. LEONE COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured 66,000 1,555,500 x Goods available for sale 1,621,500 Less: Finished goods inventory, ending 74,000 Cost of goods sold Gross profit General and administrative expenses Selling expenses Net income < Required 1 $ 2,647,000 1,547,500 1,099,500 $ 1,099,500 Required 2 Prepare the current year income statement. LEONE COMPANY Income Statement Sales For Year Ended December 31 $ 2,647,000 Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured $ 66,000 1,555,500 Goods available for sale 1,621,500 Less: Finished goods inventory, ending 74,000 Cost of goods sold 1,547,500 Gross profit 1,099,500 General and administrative expenses Selling expenses Net income < Required 1 $ 1,099,500 Required 2