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.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 2SEA: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin...

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0 jor pro se Used Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Data table Direct Materials Used: Direct Materials Used Print Other information: Depreciation, plant building and equipment Direct materials purchases Insurance on plant Sales salaries Repairs and maintenance-plant Indirect labor Direct labor Administrative expenses Manufacturing Overhead: Cost of Goods Manufactured Beginning Ending $ Done Total Manufacturing Overhead Total Manufacturing Costs incurred during the Year Total Manufacturing Costs to Account For Requirements 1. Use the information to prepare a schedule of cost of goods manufactured. 2. What is the unit product cost if Clark manufactured 4,380 lamps for the year? 57,000 $ 22,000 103,000 67,000 50,000 52,000 $ 4 Clark, Corp. Schedule of Cost of Goods Manufactured Year Ended December 31, 2024 11,000 155,000 23,000 43,000 13,000 40,000 125,000 53,000 - X
Inventories: As of January 1: Direct materials Work-in-process Finished goods As of December 31: Direct materials Work-in-process Finished goods Other amounts (for the year): Administrative costs Direct labor Direct material purchases Indirect plant labor Indirect plant supplies Machine depreciation Marketing costs Plant depreciation Plant supervision Plant utilities Property taxes on plant and equipment Sales revenue Required: a. Prepare a cost of goods sold statement. (seee) $ 247 256 824 $ 254 249 843 3,540 5,546 6,674 3,558 852 5,951 1,184 1,435 1,156 833 481 40,234
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