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Instructions The following information is available for Lagakos Corporation for 20Y8: Inventories January 1 December 31 Materials $50,100 $35,900 Work in process 72,400 90,600 Finished goods 114,600 113,000 December 31 Advertising expense $453.000 Depreciation expense-office equipment 34,000 Depreciation expense-factory equipment 90.500 Direct labor 1,245,700 Heat, light, and power-factory 60,400 Indirect labor 130,200 Materials purchased 630,300 Office salaries expense 360, 100 Property taxes-factory 45,300 Property taxes-office building 28,300 Rent expense-factory 30.600 Sales 4,360.000 Sales salaries expense 226,500 Supplies-factory 10,800 Miscellaneous costs-factory 12,900 Required: 1. Prepare the statement of cost of goods manufactured.* 2. Prepare the income statement.* *Be sure to compiete the statement heading. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Less" or "Pius" will automatically appear if it is required. Enter all amounts as positive numbers.

Instructions The following information is available for Lagakos Corporation for 20Y8: Inventories January 1 December 31 Materials $50,100 $35,900 Work in process 72,400 90,600 Finished goods 114,600 113,000 December 31 Advertising expense $453.000 Depreciation expense-office equipment 34,000 Depreciation expense-factory equipment 90.500 Direct labor 1,245,700 Heat, light, and power-factory 60,400 Indirect labor 130,200 Materials purchased 630,300 Office salaries expense 360, 100 Property taxes-factory 45,300 Property taxes-office building 28,300 Rent expense-factory 30.600 Sales 4,360.000 Sales salaries expense 226,500 Supplies-factory 10,800 Miscellaneous costs-factory 12,900 Required: 1. Prepare the statement of cost of goods manufactured.* 2. Prepare the income statement.* *Be sure to compiete the statement heading. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Less" or "Pius" will automatically appear if it is required. Enter all amounts as positive numbers.

FINANCIAL ACCOUNTING
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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Instructions The following information is available for Lagakos Corporation for 20Y8: Inventories January 1 December 31 Materials $50,100 $35,900 Work in process 72,400 90,600 Finished goods 114,600 113,000 December 31 Advertising expense $453.000 Depreciation expense-office equipment 34,000 Depreciation expense-factory equipment 90.500 Direct labor 1,245,700 Heat, light, and power-factory 60,400 Indirect labor 130,200 Materials purchased 630,300 Office salaries expense 360, 100 Property taxes-factory 45,300 Property taxes-office building 28,300 Rent expense-factory 30.600 Sales 4,360.000 Sales salaries expense 226,500 Supplies-factory 10,800 Miscellaneous costs-factory 12,900 Required: 1. Prepare the statement of cost of goods manufactured.* 2. Prepare the income statement.* *Be sure to compiete the statement heading. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Less" or "Pius" will automatically appear if it is required. Enter all amounts as positive numbers.
Transcribed Image Text:Instructions The following information is available for Lagakos Corporation for 20Y8: Inventories January 1 December 31 Materials $50,100 $35,900 Work in process 72,400 90,600 Finished goods 114,600 113,000 December 31 Advertising expense $453.000 Depreciation expense-office equipment 34,000 Depreciation expense-factory equipment 90.500 Direct labor 1,245,700 Heat, light, and power-factory 60,400 Indirect labor 130,200 Materials purchased 630,300 Office salaries expense 360, 100 Property taxes-factory 45,300 Property taxes-office building 28,300 Rent expense-factory 30.600 Sales 4,360.000 Sales salaries expense 226,500 Supplies-factory 10,800 Miscellaneous costs-factory 12,900 Required: 1. Prepare the statement of cost of goods manufactured.* 2. Prepare the income statement.* *Be sure to compiete the statement heading. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Less" or "Pius" will automatically appear if it is required. Enter all amounts as positive numbers.
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