Using the data from Problem 14-2A and the following additional inventory information for Leone Company, complete the requirements below. Assume income tax expense is $233,725 for the year. Problem 14-3A Schedule of cost of goods manufactured and income statement; inventory analysis P2 A1 nventories Raw materials, December 31. 2016. Raw materials, December 31, 2017 Work in process, December 31, 2016 Work in process, December 31, 2017 Finished goods, December 31, 2016.. Finished goods, December 31, 2017.. $166,850 182,000 15,700 19,380 167,350 136,490 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 Check (1) Cost of go manufactur 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 14-2A and the following additional inventory information for Leone Company, complete the requirements below. Assume income tax expense is $233,725 for the year. Problem 14-3A Schedule of cost of goods manufactured and income statement; inventory analysis P2 A1 nventories Raw materials, December 31. 2016. Raw materials, December 31, 2017 Work in process, December 31, 2016 Work in process, December 31, 2017 Finished goods, December 31, 2016.. Finished goods, December 31, 2017.. $166,850 182,000 15,700 19,380 167,350 136,490 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 Check (1) Cost of go manufactur 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