PR 18-5A Statement of cost of goods manufactured for a manufacturing company. The following information is available for Lagakos Corporation for 2018: Inventories Materials January 1 $50,100 72,400 Work in Process Finished Goods 114,600 Direct Labor Heat, Light, and Power-Factory Indirect Labor Materials Purchased Office Salaries Expense Property Taxes-Factory Property Taxes-Office Building December 31 $35,900 90,600 Advertising Expense Depreciation Expense-Office Equip. 34,000 Depreciation Expense-Factory Equip. 90,500 1,245,700 Rent Expense-Factory Sales Sales Salaries Expense Supplies-Factory Miscellaneous Costs-Factory 113,000 $453,000 60,400 130,200 630,300 360,100 45,300 28,300 30,600 4,360,000 226,500 10,800 12,900 Instructions 1. Prepare a Statement of the Cost of Goods Manufactured. Warren, C. S., Jonick, C. A., & Schneider, J. S. (2021). Accounting (28 ed.) Boston, MA: Cengage Learning.

Survey of Accounting (Accounting I)
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ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter10: Accounting Systems For Manufacturing Operations
Section: Chapter Questions
Problem 10.1P: Classifying costs The following is a list of costs that were incurred in the production and sale of...
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Problem 18-5A
Question 1
THE LAGAKOS CORPORATION
Statement of Cost of Goods Manufactured
For the Year Ending December 31, 2021
Work in process inventory, January 1, 2021
Direct materials:
Materials inventory, January 1, 2021
Purchases
Cost of materials available for use
Less materials inventory, December 31, 2021
Cost of direct materials used in production
Direct labor
Factory overhead:
Indirect labor
Depreciation expense-factory equipment
Heat, light, and power-factory
Property taxes-factory
Rent expense-factory
Supplies-factory
Miscellaneous cost-factory
Total factory overhead
Total manufacturing costs incurred during the year
Total manufacturing costs
Less work in process inventory, Dec. 31, 2021
Cost of goods manufactured
Transcribed Image Text:Problem 18-5A Question 1 THE LAGAKOS CORPORATION Statement of Cost of Goods Manufactured For the Year Ending December 31, 2021 Work in process inventory, January 1, 2021 Direct materials: Materials inventory, January 1, 2021 Purchases Cost of materials available for use Less materials inventory, December 31, 2021 Cost of direct materials used in production Direct labor Factory overhead: Indirect labor Depreciation expense-factory equipment Heat, light, and power-factory Property taxes-factory Rent expense-factory Supplies-factory Miscellaneous cost-factory Total factory overhead Total manufacturing costs incurred during the year Total manufacturing costs Less work in process inventory, Dec. 31, 2021 Cost of goods manufactured
Chapter 18 Homework
PR 18-1A
The following is a list of costs that were incurred in the production and sale of large
commercial airplanes:
a. Cost of electronic guidance system installed in the airplane cockpit.
b. Special advertising campaign in Aviation World magazine.
c. Salary of the chief compliance officer of the company.
d. Salary of the chief financial officer.
e. Decals for the cockpit door, the cost of which is immaterial to the cost of the final
product.
f. Cost of electrical wiring throughout the airplane.
g. Cost of normal scrap from the production of the airplane body.
h. Instrument panel installed in the airplane cockpit.
i. Depreciation on the factory equipment.
j. Masks for use by painters in painting the airplane body.
k. Cost of paving the headquarters employee parking lot.
I. Turbo-charged airplane engine.
m. Prebuilt leather seats installed in the first-class cabin.
n. Human resources department costs for the year.
o. Hourly wages of employees that assemble the airplane.
p. Salary of the marketing department personnel.
q. Oil used to lubricate the factory equipment.
r. Yearly cost of the maintenance contract for robotic equipment.
s. Hydraulic pumps used in the airplane's flight control system.
t. Cost of miniature replicas of the airplane used to promote and market the
airplane.
u. Metal used for producing the airplane body.
v. Power used by the painting equipment.
w. Annual bonus paid to the chief operating officer of the company.
x. Interior trim material used throughout the airplane cabin.
y. Salary of the plant manager.
z. Annual fee paid to a celebrity to promote the aircraft.
Instructions
Classify each cost as either a product cost or a period cost. Indicate whether each
product cost is a direct materials cost, a direct labor cost, or a factory overhead cost.
Indicate whether each period cost is a selling expense or an administrative expense. Use
the tabular headings in the template for your answer, placing an "X" in the appropriate
column.
PR 18-5A Statement of cost of goods manufactured for a
manufacturing company.
The following information is available for Lagakos Corporation for 2018:
Inventories
Materials
Work in Process
Finished Goods
January 1
$50,100
72,400
114,600
Rent Expense-Factory
Sales
Sales Salaries Expense
Advertising Expense
Depreciation Expense-Office Equip.
34,000
Depreciation Expense-Factory Equip. 90,500
Direct Labor
1,245,700
Heat, Light, and Power-Factory
Indirect Labor
Materials Purchased
Office Salaries Expense
Property Taxes-Factory
Property Taxes-Office Building
Supplies-Factory
Miscellaneous Costs-Factory
December 31
$35,900
90,600
113,000
$453,000
60,400
130,200
630,300
360,100
45,300
28,300
30,600
4,360,000
226,500
10,800
12,900
Instructions
1. Prepare a Statement of the Cost of Goods Manufactured.
Warren, C. S., Jonick, C. A., & Schneider, J. S. (2021). Accounting (28 ed.)
Boston, MA: Cengage Learning.
Transcribed Image Text:Chapter 18 Homework PR 18-1A The following is a list of costs that were incurred in the production and sale of large commercial airplanes: a. Cost of electronic guidance system installed in the airplane cockpit. b. Special advertising campaign in Aviation World magazine. c. Salary of the chief compliance officer of the company. d. Salary of the chief financial officer. e. Decals for the cockpit door, the cost of which is immaterial to the cost of the final product. f. Cost of electrical wiring throughout the airplane. g. Cost of normal scrap from the production of the airplane body. h. Instrument panel installed in the airplane cockpit. i. Depreciation on the factory equipment. j. Masks for use by painters in painting the airplane body. k. Cost of paving the headquarters employee parking lot. I. Turbo-charged airplane engine. m. Prebuilt leather seats installed in the first-class cabin. n. Human resources department costs for the year. o. Hourly wages of employees that assemble the airplane. p. Salary of the marketing department personnel. q. Oil used to lubricate the factory equipment. r. Yearly cost of the maintenance contract for robotic equipment. s. Hydraulic pumps used in the airplane's flight control system. t. Cost of miniature replicas of the airplane used to promote and market the airplane. u. Metal used for producing the airplane body. v. Power used by the painting equipment. w. Annual bonus paid to the chief operating officer of the company. x. Interior trim material used throughout the airplane cabin. y. Salary of the plant manager. z. Annual fee paid to a celebrity to promote the aircraft. Instructions Classify each cost as either a product cost or a period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense. Use the tabular headings in the template for your answer, placing an "X" in the appropriate column. PR 18-5A Statement of cost of goods manufactured for a manufacturing company. The following information is available for Lagakos Corporation for 2018: Inventories Materials Work in Process Finished Goods January 1 $50,100 72,400 114,600 Rent Expense-Factory Sales Sales Salaries Expense Advertising Expense Depreciation Expense-Office Equip. 34,000 Depreciation Expense-Factory Equip. 90,500 Direct Labor 1,245,700 Heat, Light, and Power-Factory Indirect Labor Materials Purchased Office Salaries Expense Property Taxes-Factory Property Taxes-Office Building Supplies-Factory Miscellaneous Costs-Factory December 31 $35,900 90,600 113,000 $453,000 60,400 130,200 630,300 360,100 45,300 28,300 30,600 4,360,000 226,500 10,800 12,900 Instructions 1. Prepare a Statement of the Cost of Goods Manufactured. Warren, C. S., Jonick, C. A., & Schneider, J. S. (2021). Accounting (28 ed.) Boston, MA: Cengage Learning.
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