Cost Accounting: The following year-end information is taken from the December 31 Leone Company

[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
$ 28,750
Depreciation expense-Office equipment
7,250
Depreciation expense-Selling equipment
8,600
Depreciation expense-Factory equipment
49,325
Raw materials purchases (all direct materials)
925,000
Maintenance expense-Factory equipment
35,400
Factory utilities
33,000
Direct labor
675,480
Indirect labor
159,475
Office salaries expense
Rent expense-Selling space
63,000
Rent expense-Office space
Rent expense-Factory building
Sales salaries expense
22,000
26,100
76,800
392,560
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:
$166,850
182,000
15,700
4,462,500
19,380
167,350
136,490
1. Prepare the schedule of cost of goods manufactured for the current year.
2. Prepare the current year income statement.

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