The following information is available for Lagakos Corporation for 20Y8. Inventories December 31 January 1 $347.000 Materials $435,000 Work in process 627 000 590,600 Finished goods 608,200 571,000 December 31 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment $295,200 44,400 55,000 Direct labor 669,600 December 31 $295,200 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment 44,400 55,000 Direct labor 669,600 22,480 Heat, light and power-factory Indirect labor 76,750 658,600 Materials purchased Office salaries expense 185,300 18,200 Property taxes-factory Property taxes-office building 32,400 Property taxes-office building 32,400 Rent expense-factory 32,500 Sales 3,016,000 Sales salaries expense 419,000 Supplies-factory 15,900 Miscellaneous costs-factory 9,600 Required: 1. Prepare the statement of cost of goods manufactured 2. Prepare the income statement