The following information is available for Lagakos Corporation for 20Y8:InventoriesJanuary 1December 31Materials$77,250$93,600Work in process108,80096,700Finished goods112,500108,400 December 31Advertising expense$67,800Depreciation expense-office equipment23,000Depreciation expense-factory equipment14,600Direct labor186,100Heat, light, and power-factory5,550Indirect labor23,800Materials purchased123,800Office salaries expense78,300Property taxes-factory4,145Property taxes-office building13,800Rent expense-factory6,550Sales861,500Sales salaries expense138,500Supplies-factory4,750Miscellaneous costs-factory4,420 Required: 1. Prepare the statement of cost of goods manufactured.* 2. Prepare the income statement.* # Lageskas Corporation## Statement of Cost of Goods Manufactured**[Label]**### Direct Materials:1. __________________2. __________________3. __________________4. __________________### Factory Overhead:5. __________________6. __________________7. __________________8. __________________9. __________________10. __________________11. __________________12. __________________### Total Factory Overhead13. __________________### Total Manufacturing Costs14. __________________This template outlines a structured approach to documenting the cost of goods manufactured. It is divided into major sections for direct materials and factory overhead. Each section includes lines for itemizing various costs associated with manufacturing. After listing the individual costs, the template provides spaces to calculate the total factory overhead and total manufacturing costs. The template helps ensure a comprehensive and organized presentation of all manufacturing-related expenses. **Lagasco Corporation Income Statement Template**This is a template for preparing the income statement of Lagasco Corporation. An income statement is a financial document that provides a summary of a company's revenues, costs, and expenses during a specific period.**Sections and Items:**1. **Header:** - **Lagasco Corporation** - **Income Statement**2. **Main Label:** - A placeholder `(Label)` for specifying the reporting period or other relevant details.3. **Cost of Goods Sold (COGS):** - Lines for entering different components of the cost of goods sold. This section tracks the direct costs attributable to the production of the goods that the company has sold.4. **Operating Expenses:** - **Administrative Expenses:** - Space for detailing various administrative costs such as salaries, office supplies, and other overheads. - **Selling Expenses:** - Space provided to record all expenses associated with selling activities, including marketing, advertising, and sales personnel salaries.Each row corresponds to distinct components within these sections, allowing room for specific data entry to accurately portray the financial performance during the designated period.

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following information is available for Lagakos Corporation for 20Y8:

Inventories	January 1	December 31
Materials	$77,250	$93,600
Work in process	108,800	96,700
Finished goods	112,500	108,400

	December 31
Advertising expense	$67,800
Depreciation expense-office equipment	23,000
Depreciation expense-factory equipment	14,600
Direct labor	186,100
Heat, light, and power-factory	5,550
Indirect labor	23,800
Materials purchased	123,800
Office salaries expense	78,300
Property taxes-factory	4,145
Property taxes-office building	13,800
Rent expense-factory	6,550
Sales	861,500
Sales salaries expense	138,500
Supplies-factory	4,750
Miscellaneous costs-factory	4,420

Required:

	1. Prepare the statement of cost of goods manufactured.*
	2. Prepare the income statement.*

# Lageskas Corporation
## Statement of Cost of Goods Manufactured

**[Label]**

### Direct Materials:
1. __________________
2. __________________
3. __________________
4. __________________

### Factory Overhead:
5. __________________
6. __________________
7. __________________
8. __________________

9. __________________

10. __________________
11. __________________
12. __________________

### Total Factory Overhead
13. __________________

### Total Manufacturing Costs
14. __________________

This template outlines a structured approach to documenting the cost of goods manufactured. It is divided into major sections for direct materials and factory overhead. Each section includes lines for itemizing various costs associated with manufacturing. After listing the individual costs, the template provides spaces to calculate the total factory overhead and total manufacturing costs. The template helps ensure a comprehensive and organized presentation of all manufacturing-related expenses.

**Lagasco Corporation Income Statement Template**

This is a template for preparing the income statement of Lagasco Corporation. An income statement is a financial document that provides a summary of a company's revenues, costs, and expenses during a specific period.

**Sections and Items:**

1. **Header:**
- **Lagasco Corporation**
- **Income Statement**

2. **Main Label:**
- A placeholder `(Label)` for specifying the reporting period or other relevant details.

3. **Cost of Goods Sold (COGS):**
- Lines for entering different components of the cost of goods sold. This section tracks the direct costs attributable to the production of the goods that the company has sold.

4. **Operating Expenses:**
- **Administrative Expenses:**
- Space for detailing various administrative costs such as salaries, office supplies, and other overheads.
- **Selling Expenses:**
- Space provided to record all expenses associated with selling activities, including marketing, advertising, and sales personnel salaries.

Each row corresponds to distinct components within these sections, allowing room for specific data entry to accurately portray the financial performance during the designated period.

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