Required information 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 $ 39,000 18,000 19,000 61,000 710,000 39,300 35,200 444,000 67,000 40,000 24,000 58,000 139,000 334,000 Problem 14-3A (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 $ 142,000 147,000 43,000 2,413,000 47,000 60,000 68,000 LEUNG SUMERIVE $ Required information 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 Depreciation expense-Factory equipment Maintenance expense-Factory equipment Rent expense-Factory building Indirect labor 0 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 0 O S $ 0 < Prev 3 of 3 H Prepare the current year income statement. LEONE COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Cost of goods manufactured Finished goods inventory, beginning Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses General and administrative expenses Net income 0 + 0 0 0