1. Cost of goods manufactured, $1,262,816

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

OBJ. 2, 3

The following information is available for The Lucille Corporation for 2014:

Inventories	January 1	December 31
Materials	$292,500	$364,000
Work in process	526,500	494,000
Finished goods	507,000	480,000
Advertising expense		$ 247,000
Depreciation expenseoffice equipment		35,100
Depreciation expensefactory equipment		46,800
Direct labor		559,000
Heat, light, and powerfactory		18,720
Indirect labor		65,620
Materials purchased		549,900
Office salaries expense		191,750
Property taxesfactory		15,210
Property taxesoffice building		31,590
Rent expensefactory		25,740
Sales		2,574,000
Sales salaries expense		315,900
Suppliesfactory		12,870
Miscellaneous costsfactory		7,956

Instructions

1. Prepare the 2014 statement of cost of goods manufactured.

2. Prepare the 2014 income statement.