Instructions The following information is available for Lagakos Corporation for 20Y8: Inventories Materials January 1 December 31 $346,000 $436,600 Work in process 625,200 590,200 Finished goods 608,400 573,500 December 31 Advertising expense Depreciation expense-office equipment $294,800 43,920 Depreciation expense-factory equipment 55,720 Direct labor 668,800 Heat, light, and power-factory 22,280 Indirect labor 77,250 Materials purchased 659,000 Office salaries expense 185,100 Property taxes-factory 15,300 Property taxes-office building 33,000 Rent expense-factory 32,700 Sales 3,014,000 Sales salaries expense 419,000 Supplies-factory 15,000 Miscellaneous costs-factory 9,100 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, 2018 Gross profit Heat, light, and power-factory Indirect labor Materials inventory, December 31, 20Y8 Materials inventory, January 1, 2018 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, 2018 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. 1 2 Direct materials: 3 4 5 6 7 8 9 Factory overhead: 10 12 13 14 15 16 17 Total factory overhead 18 19 Total manufacturing costs 20 21 Lagakos Corporation Statement of Cost of Goods Manufactured (Label) Income Statement 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. 1 2 Cost of goods sold: 3 4 5 6 7 8 9 Operating expenses: 10 Administrative expenses: 11 12 13 14 Selling expenses: 15 16 17 18 Lagakos Corporation Income Statement (Label)