he following information is available for Lagakos Corporation for 20Y8: Inventories January 1 December 31 Materials $77,250 $93,600 Work in process 108,800 96,700 Finished goods 112,500 108,400 December 31 Advertising expense $67,800 Depreciation expense-office equipment 23,000 Depreciation expense-factory equipment 14,600 Direct labor 186,100 Heat, light, and power-factory 5,550 Indirect labor 23,800 Materials purchased 123,800 Office salaries expense 78,300 Property taxes-factory 4,145 Property taxes-office building 13,800 Rent expense-factory 6,550 Sales 861,500 Sales salaries expense 138,500 Supplies-factory 4,750 Miscellaneous costs-factory 4,420 Required: 1. Prepare the statement of cost of goods manufactured.* 2. Prepare the income statement.*

The following data from the just completed year are taken from the accounting records of Mason Company:   Sales $ 524,000 Direct labor cost $ 70,000 Raw material purchases $ 118,000 Selling expenses $ 140,000 Administrative expenses $ 63,000 Manufacturing overhead applied to work in process $ 90,000 Actual manufacturing overhead costs $ 80,000   Inventories Beginning Ending Raw materials $ 7,000 $ 15,000 Work in process $ 10,000 $ 5,000 Finished goods $ 20,000 $ 35,000   Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.         Mason Company Schedule of Cost…

Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $465,100 $581,380 Work in process 837,180 790,680 Finished goods 804,620 808,120       Advertising expense   $394,760 Depreciation expense-office equipment   55,810 Depreciation expense-factory equipment   75,000 Direct labor   895,330 Heat, light, and power-factory   29,650 Indirect labor   104,650 Materials purchased   877,880 Office salaries expense   306,390 Property taxes-factory   24,420 Property taxes-headquarters building   50,580 Rent expense-factory   41,280 Sales   4,110,360 Sales salaries expense   504,640 Supplies-factory   20,350 Miscellaneous costs-factory   12,790 Required: 1.  Prepare the statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December…

Freeman Furnishings has summarized its data as shown: Depreciation of factory building $106,000 Factory real estate taxes $15,000 Factory utility expenses $85,000 Indirect materials $32,000 Indirect labor $25,000 Direct labor cost $84,000 Direct labor hours incurred 23,500 Estimated direct labor hours 24,000 Raw material purchased $360,000 Raw material, beginning inventory $20,000 Raw material, ending inventory $26,000 Work in process, beginning inventory $49,000 Work in process, ending inventory $69,000 Estimated overhead $276,000 Compute the cost of goods manufactured, assuming that the overhead is allocated based on direct labor hours.