Question for 18-2A is as follows

formats for answer

Schedule of cost of goods manufactured and income statement P1 P2 Using the data from Problem 18-2A and the following additional information for Leone Company, complete the requirements below. $ 166,850 $ 19.380 Raw materials inventory, beginning Raw materials inventory, ending.... Work in process inventory, ending........ Finished goods inventory, beginning.. Finished goods inventory, ending..... 167.350 182,000 15,700 4.462,500 Work in process inventory, beginning.. Sales... 136,490 Required 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement. Check (1) Cost of goods manufactured, $1,935,650 Classifying costs C2 The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense $675.480 $ 28,750 7.250 8.600 Direct labor Indirect labor 159.475 Office salaries expense.. 63.000 49,325 Rent expense-Office space... 22.000 Depreciation expense-Office equipment Depreciation expense-Selling equipment. Depreciation expense-Factory equipment Raw materials purchases (all direct materials). Maintenance expense-Factory equipment. Factory utilities.. 925,000 Rent expense-Selling space.. 26,100 **** 35,400 76.800 Rent expense-Factory building.... Sales salaries expense.. 33,000 392.560 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. LEONE COMPANY Schedule of Cost of Goods Manufactured For Year Ended December 31 0 Direct materials Raw materials inventory, beginning Raw materials purchases Raw materials available for use Less raw materials inventory, ending Direct materials used Direct labor Factory overhead Indirect labor Factory utilities Depreciation expense-Factory equipment Rent expense-Factory building Maintenance expense-Factory equipment Total factory overhead Total manufacturing costs Add work in process inventory, beginning Total cost of work in process Less work in process inventory, ending Cost of Goods Manufactured LEONE COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured Goods available for sale 0 Less finished goods inventory, ending Cost of goods sold Gross profit Selling expenses* General and administrative expenses** Net income alo 0 $0 $0 0 0 0 $0