The following information is available for Lagakos Corporation for 20Y8: Inventories January 1 December 31 Materials $352,000 $437,000 Work in process 625,800 592,800 Finished goods 605,200 576,000 December 31 Advertising expense $294,200 Depreciation expense-office equipment 44,760 Depreciation expense-factory equipment 56,200 Direct labor 669,600 Heat, light, and power-factory 22,060 Indirect labor 76,750 Materials purchased 658,200 Office salaries expense 184,200 Property taxes-factory 17,000 Property taxes-office building 31,600 Rent expense-factory 32,100 Sales 3,015,000 Sales salaries expense 418,000 Supplies-factory 15,200 Miscellaneous costs-factory 9,500 Required: 1. Prepare the statement of cost of goods manufactured.* 2. Prepare the income statement.* *Be sure to complete 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 “Plus” will automatically appear if it is required. Enter all amounts as positive numbers. Labels and Amount Descriptions Labels For the Year Ended December 31, 20Y8 For the Month Ended December 31 At Year Ended December 31, 20Y8 Amount Descriptions Advertising expense Cost of direct materials used Cost of finished goods available for sale Cost of goods manufactured Cost of goods sold Cost of materials available for use Depreciation expense-factory equipment Depreciation expense-office equipment Direct labor Finished goods inventory, December 31, 20Y8 Finished goods inventory, January 1, 20Y8 Gross profit Heat, light, and power-factory Indirect labor Materials inventory, December 31, 20Y8 Materials inventory, January 1, 20Y8 Miscellaneous costs-factory Net income Office salaries expense Property taxes-factory Property taxes-office building Purchases Rent expense-factory Sales Sales salaries expense Supplies-factory Total manufacturing costs incurred Total operating expenses Work in process inventory, December 31, 20Y8 Work in process inventory, January 1, 20Y8 Statement of Cost of Goods Manufactured 1. Prepare the statement of cost of goods manufactured. Be sure to complete 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 “Plus” will automatically appear if it is required. Enter all amounts as positive numbers.

The following information is available for Lagakos Corporation for 20Y8: Inventories January 1 December 31 Materials $352,000 $437,000 Work in process 625,800 592,800 Finished goods 605,200 576,000 December 31 Advertising expense $294,200 Depreciation expense-office equipment 44,760 Depreciation expense-factory equipment 56,200 Direct labor 669,600 Heat, light, and power-factory 22,060 Indirect labor 76,750 Materials purchased 658,200 Office salaries expense 184,200 Property taxes-factory 17,000 Property taxes-office building 31,600 Rent expense-factory 32,100 Sales 3,015,000 Sales salaries expense 418,000 Supplies-factory 15,200 Miscellaneous costs-factory 9,500 Required: 1. Prepare the statement of cost of goods manufactured.* 2. Prepare the income statement.* *Be sure to complete 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 “Plus” will automatically appear if it is required. Enter all amounts as positive numbers. Labels and Amount Descriptions Labels For the Year Ended December 31, 20Y8 For the Month Ended December 31 At Year Ended December 31, 20Y8 Amount Descriptions Advertising expense Cost of direct materials used Cost of finished goods available for sale Cost of goods manufactured Cost of goods sold Cost of materials available for use Depreciation expense-factory equipment Depreciation expense-office equipment Direct labor Finished goods inventory, December 31, 20Y8 Finished goods inventory, January 1, 20Y8 Gross profit Heat, light, and power-factory Indirect labor Materials inventory, December 31, 20Y8 Materials inventory, January 1, 20Y8 Miscellaneous costs-factory Net income Office salaries expense Property taxes-factory Property taxes-office building Purchases Rent expense-factory Sales Sales salaries expense Supplies-factory Total manufacturing costs incurred Total operating expenses Work in process inventory, December 31, 20Y8 Work in process inventory, January 1, 20Y8 Statement of Cost of Goods Manufactured 1. Prepare the statement of cost of goods manufactured. Be sure to complete 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 “Plus” will automatically appear if it is required. Enter all amounts as positive numbers.

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

The following information is available for Lagakos Corporation for 20Y8:

Inventories	January 1	December 31
Materials	$352,000	$437,000
Work in process	625,800	592,800
Finished goods	605,200	576,000

	December 31
Advertising expense	$294,200
Depreciation expense-office equipment	44,760
Depreciation expense-factory equipment	56,200
Direct labor	669,600
Heat, light, and power-factory	22,060
Indirect labor	76,750
Materials purchased	658,200
Office salaries expense	184,200
Property taxes-factory	17,000
Property taxes-office building	31,600
Rent expense-factory	32,100
Sales	3,015,000
Sales salaries expense	418,000
Supplies-factory	15,200
Miscellaneous costs-factory	9,500

Required:

1. Prepare the statement of cost of goods manufactured.*

2. Prepare the income statement.*

*Be sure to complete 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 “Plus” will automatically appear if it is required. Enter all amounts as positive numbers.

Labels and Amount Descriptions

Labels
For the Year Ended December 31, 20Y8
For the Month Ended December 31
At Year Ended December 31, 20Y8
Amount Descriptions
Advertising expense
Cost of direct materials used
Cost of finished goods available for sale
Cost of goods manufactured
Cost of goods sold
Cost of materials available for use
Depreciation expense-factory equipment
Depreciation expense-office equipment
Direct labor
Finished goods inventory, December 31, 20Y8
Finished goods inventory, January 1, 20Y8
Gross profit
Heat, light, and power-factory
Indirect labor
Materials inventory, December 31, 20Y8
Materials inventory, January 1, 20Y8
Miscellaneous costs-factory
Net income
Office salaries expense
Property taxes-factory
Property taxes-office building
Purchases
Rent expense-factory
Sales
Sales salaries expense
Supplies-factory
Total manufacturing costs incurred
Total operating expenses
Work in process inventory, December 31, 20Y8
Work in process inventory, January 1, 20Y8

Statement of Cost of Goods Manufactured

1. Prepare the statement of cost of goods manufactured. Be sure to complete 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 “Plus” will automatically appear if it is required. Enter all amounts as positive numbers.

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