PR 18-5A Statement of cost of goods manufactured for a manufacturing company. The following information is available

Question

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.

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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

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PR 18-5A Statement of cost of goods manufactured for a manufacturing company

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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