Using the data from Problem 18-2A and the following additional inventory information for Leone Compauny. complete the requirements helow. Assume income ta expense is $23,.725 for the year. Inventories 1, 2016.$166,850 .. 182,000 15,700 19,380 Work in process, December 31, 2016 . Finished goods, December 31, 2017.136,490 Required 1. Prepare the company's 2017 schedule of cost of goods manufactured. 2. Prepare the company's 2017 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses. Analysis Component 3. Compute the (a) inventory turnover, defined as cost of goods sold divided by average inventory, and (b) days' sales in inventory, defined as 365 times ending inventory divided by cost of goods sold, for both its raw materials inventory and its finished goods inventory. (To compute turnover and days' sales in inventory for raw materials, use raw materials used rather than cost of goods sold.) Discuss some possible reasons for differences between these ratios for the two types of inventories. Round answers to one decimal place. Using the data from Problem 18-2A and the following additional inventory information for Leone Compauny. complete the requirements helow. Assume income ta expense is $23,.725 for the year. Inventories 1, 2016.$166,850 .. 182,000 15,700 19,380 Work in process, December 31, 2016 . Finished goods, December 31, 2017.136,490 Required 1. Prepare the company's 2017 schedule of cost of goods manufactured. 2. Prepare the company's 2017 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses. Analysis Component 3. Compute the (a) inventory turnover, defined as cost of goods sold divided by average inventory, and (b) days' sales in inventory, defined as 365 times ending inventory divided by cost of goods sold, for both its raw materials inventory and its finished goods inventory. (To compute turnover and days' sales in inventory for raw materials, use raw materials used rather than cost of goods sold.) Discuss some possible reasons for differences between these ratios for the two types of inventories. Round answers to one decimal place