The following information is available for Lagakos Corporation for 2018: January 1 $50,100 December 31 $35,900 Inventories Materials Work in Process 72,400 90,600 Finished Goods 114,600 113,000 Advertising Expense $453,000 Depreciation Expense-Office Equip. 34,000 Depreciation Expense-Factory Equip. 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 Rent Expense-Factory 28,300 30,600 Sales 4,360,000 Sales Salaries Expense 226,500 Supplies-Factory Miscellaneous Costs-Factory 10,800 12,900 Instructions 1. Prepare a Statement of the Cost of Goods Manufactured.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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: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
PR 18-5A
Statement of cost of goods manufactured for a manufacturing
company.
The following information is available for Lagakos Corporation for 2018:
January 1
$50,100
December 31
$35,900
Inventories
Materials
Work in Process
72,400
90,600
Finished Goods
114,600
113,000
Advertising Expense
$453,000
Depreciation Expense-Office Equip.
34,000
Depreciation Expense-Factory Equip. 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
Rent Expense-Factory
28,300
30,600
Sales
4,360,000
Sales Salaries Expense
226,500
Supplies-Factory
10,800
Miscellaneous Costs-Factory
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:PR 18-5A Statement of cost of goods manufactured for a manufacturing company. The following information is available for Lagakos Corporation for 2018: January 1 $50,100 December 31 $35,900 Inventories Materials Work in Process 72,400 90,600 Finished Goods 114,600 113,000 Advertising Expense $453,000 Depreciation Expense-Office Equip. 34,000 Depreciation Expense-Factory Equip. 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 Rent Expense-Factory 28,300 30,600 Sales 4,360,000 Sales Salaries Expense 226,500 Supplies-Factory 10,800 Miscellaneous Costs-Factory 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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