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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.

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
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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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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