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

Inventories

January $1$

December $31$

Materials $$50,100$ $$35,900$

Work in process $72,40090,600$

Finished goods $114,600113,000$

December $31$

Advertising expense $$453,000$

Depreciation expense$-$office equipment $34,000$

Depreciation expense$-$factory equipment $90,500$

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 $12,900$

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

For the Year Ended December $31,20$Y$8$

For the Month Ended December $31$

At Year Ended December $31,20$Y$8$

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 $31,20$Y$8$

Finished goods inventory, January $1,20$Y$8$

Gross profit

Heat, light, and power$-$factory

Indirect labor

Materials inventory, December $31,20$Y$8$

Materials inventory, January $1,20$Y$8$

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 $31,20$Y$8$

Work in process inventory, January $1,20$Y$8$