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Homework answers / question archive / PR 18-5A Statement of cost of goods manufactured for a manufacturing company
PR 18-5A Statement of cost of goods manufactured for a manufacturing company. The following information is available for Lagakos Corporation for 2018: Inventories January 1 December 31 Materials $50,100 $35,900 Work in Process 72,400 90,600 Finished Goods 114,600 113,000 I 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 28,300 Rent Expense-Factory 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.
Cost Sheet
| Material Consumed : | ||
| Opening stock of materials [ January 1] | 50,100 | |
| Materials Purchased | 630,300 | |
| 680,400 | ||
| Less: Closing stock of materials [December 31] | (35,900) | |
| Cost of Raw Materials Consumed | 644,500 | |
| Direct Labor | 1,245,700 | |
| Prime Cost | 1,890,200 | |
| Factory Expenses: | ||
| Depreciation Expense - Factory Equipment | 90,500 | |
| Heat, Light and Power Factory | 60,400 | |
| Indirect Labor | 130,200 | |
| Property Tax - Factory | 45,300 | |
| Rent Expense - Factory | 30,600 | |
| Supplies Factory | 10,800 | |
| Miscellaneous Costs - Factory | 12,900 | |
| Factory Overhead | 380,700 | |
| Gross Works Cost | 2,270,900 | |
| Adjustment for Work in Progress : | ||
| Opening WIP | 72,400 | |
| Closing WIP | (90,600) | |
| (18,200) | ||
| Cost of goods manufactured | 2,252,700 |
