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, 20Y8
Gross profit
Heat, light, and power-factory
Indirect labor
Materials inventory, December 31, 20Y8
Materials inventory, January 1, 20Y8
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, 20Y8

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.

Lagakos Corporation

Income Statement

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

The following information is available for Lagakos Corporation for 20Y8: Inventories January 1 December 31 Materials $351,000 $435,800 Work in process 625,200 590,400 Finished goods 607,400 571,000 December 31 Advertising expense $296,600 Depreciation expense-office equipment 43,560 Depreciation expense-factory equipment 55,880 Direct labor 669,000 Heat, light, and power-factory 22,060 Indirect labor 76,000 Materials purchased 658,200 Office salaries expense 183,300 Property taxes-factory 18,300 31,200 Property taxes-office building Rent expense-factory 32,500 Sales 3,011,000 Sales salaries expense 417,000 Supplies-factory 16,000 Miscellaneous costs-factory 9,200 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