Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company

The following information is available for Lagakos Corporation for $20$Y$8$:

Inventories

January $1$

December $31$

Materials $$78,250$ $$93,750$

Work in process $109,80095,700$

Finished goods $112,000108,800$

December $31$

Advertising expense $$68,800$

Depreciation expense$-$office equipment $21,750$

Depreciation expense$-$factory equipment $14,420$

Direct labor $185,700$

Heat, light, and power$-$factory $5,950$

Indirect labor $24,700$

Materials purchased $124,600$

Office salaries expense $76,400$

Property taxes$-$factory $4,120$

Property taxes$-$office building $12,300$

Rent expense$-$factory $6,650$

Sales $862,500$

Sales salaries expense $135,500$

Supplies$-$factory $3,500$

Miscellaneous costs$-$factory $5,300$

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.