Please read direction on image 1, and anser on image 2. thank you for your time! Problem 18-5AQuestion 1THE LAGAKOS CORPORATIONStatement of Cost of Goods ManufacturedFor the Year Ending December 31, 2021Work in process inventory, January 1, 2021Direct materials:Materials inventory, January 1, 2021PurchasesCost of materials available for useLess materials inventory, December 31, 2021Cost of direct materials used in productionDirect laborFactory overhead:Indirect laborDepreciation expense-factory equipmentHeat, light, and power-factoryProperty taxes-factoryRent expense-factorySupplies-factoryMiscellaneous cost-factoryTotal factory overheadTotal manufacturing costs incurred during the yearTotal manufacturing costsLess work in process inventory, Dec. 31, 2021Cost of goods manufactured Chapter 18 HomeworkPR 18-1AThe following is a list of costs that were incurred in the production and sale of largecommercial airplanes:a. Cost of electronic guidance system installed in the airplane cockpit.b. Special advertising campaign in Aviation World magazine.c. Salary of the chief compliance officer of the company.d. Salary of the chief financial officer.e. Decals for the cockpit door, the cost of which is immaterial to the cost of the finalproduct.f. Cost of electrical wiring throughout the airplane.g. Cost of normal scrap from the production of the airplane body.h. Instrument panel installed in the airplane cockpit.i. Depreciation on the factory equipment.j. Masks for use by painters in painting the airplane body.k. Cost of paving the headquarters employee parking lot.I. Turbo-charged airplane engine.m. Prebuilt leather seats installed in the first-class cabin.n. Human resources department costs for the year.o. Hourly wages of employees that assemble the airplane.p. Salary of the marketing department personnel.q. Oil used to lubricate the factory equipment.r. Yearly cost of the maintenance contract for robotic equipment.s. Hydraulic pumps used in the airplane's flight control system.t. Cost of miniature replicas of the airplane used to promote and market theairplane.u. Metal used for producing the airplane body.v. Power used by the painting equipment.w. Annual bonus paid to the chief operating officer of the company.x. Interior trim material used throughout the airplane cabin.y. Salary of the plant manager.z. Annual fee paid to a celebrity to promote the aircraft.InstructionsClassify each cost as either a product cost or a period cost. Indicate whether eachproduct cost is a direct materials cost, a direct labor cost, or a factory overhead cost.Indicate whether each period cost is a selling expense or an administrative expense. Usethe tabular headings in the template for your answer, placing an "X" in the appropriatecolumn.PR 18-5A Statement of cost of goods manufactured for amanufacturing company.The following information is available for Lagakos Corporation for 2018:InventoriesMaterialsWork in ProcessFinished GoodsJanuary 1$50,10072,400114,600Rent Expense-FactorySalesSales Salaries ExpenseAdvertising ExpenseDepreciation Expense-Office Equip.34,000Depreciation Expense-Factory Equip. 90,500Direct Labor1,245,700Heat, Light, and Power-FactoryIndirect LaborMaterials PurchasedOffice Salaries ExpenseProperty Taxes-FactoryProperty Taxes-Office BuildingSupplies-FactoryMiscellaneous Costs-FactoryDecember 31$35,90090,600113,000$453,00060,400130,200630,300360,10045,30028,30030,6004,360,000226,50010,80012,900Instructions1. Prepare a Statement of the Cost of Goods Manufactured.Warren, C. S., Jonick, C. A., & Schneider, J. S. (2021). Accounting (28 ed.)Boston, MA: Cengage Learning.

Cost of goods manufactured: - Cost of goods manufactured includes all the expenses incurred in the…

PR 18-5A Statement of cost of goods manufactured for a manufacturing company. The following information is available for Lagakos Corporation for 2018: Inventories Materials January 1 $50,100 72,400 Work in Process Finished Goods 114,600 Direct Labor Heat, Light, and Power-Factory Indirect Labor Materials Purchased Office Salaries Expense Property Taxes-Factory Property Taxes-Office Building December 31 $35,900 90,600 Advertising Expense Depreciation Expense-Office Equip. 34,000 Depreciation Expense-Factory Equip. 90,500 1,245,700 Rent Expense-Factory Sales Sales Salaries Expense Supplies-Factory Miscellaneous Costs-Factory 113,000 $453,000 60,400 130,200 630,300 360,100 45,300 28,300 30,600 4,360,000 226,500 10,800 12,900 Instructions 1. Prepare a Statement of the Cost of Goods Manufactured. Warren, C. S., Jonick, C. A., & Schneider, J. S. (2021). Accounting (28 ed.) Boston, MA: Cengage Learning.

PR 18-5A Statement of cost of goods manufactured for a manufacturing company. The following information is available for Lagakos Corporation for 2018: Inventories Materials January 1 $50,100 72,400 Work in Process Finished Goods 114,600 Direct Labor Heat, Light, and Power-Factory Indirect Labor Materials Purchased Office Salaries Expense Property Taxes-Factory Property Taxes-Office Building December 31 $35,900 90,600 Advertising Expense Depreciation Expense-Office Equip. 34,000 Depreciation Expense-Factory Equip. 90,500 1,245,700 Rent Expense-Factory Sales Sales Salaries Expense Supplies-Factory Miscellaneous Costs-Factory 113,000 $453,000 60,400 130,200 630,300 360,100 45,300 28,300 30,600 4,360,000 226,500 10,800 12,900 Instructions 1. Prepare a Statement of the Cost of Goods Manufactured. Warren, C. S., Jonick, C. A., & Schneider, J. S. (2021). Accounting (28 ed.) Boston, MA: Cengage Learning.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter10: Accounting Systems For Manufacturing Operations

Section: Chapter Questions

Problem 10.1P: Classifying costs The following is a list of costs that were incurred in the production and sale of...

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Classifying Costs The following is a list of costs that were incurred in the production and sale of large commercial airplanes: Classify each cost as either a product cost or a period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense. Costs Classification a. Cost of electronic guidance system installed in the airplane cockpit b. Special advertising campaign in Aviation World magazine c. Salary of chief compliance officer of company d. Salary of chief financial officer e. Decals for cockpit door, the cost of which is immaterial to the cost of the final product f. Cost of electrical wiring throughout the airplane g. Cost of normal scrap from production of airplane body h. Instrument panel installed in the airplane cockpit i. Depreciation on factory equipment j. Masks for use by painters in painting the airplane body k. Cost of paving the…
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Classify each cost as either a product cost or a period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory Indicate whether each period cost is a selling expense or an administrative expense. Costs a. Annual bonus paid to the chief financial officer of the company b. Annual fee to a celebrity to promote the aircraft c. Cost of electronic guidance system installed in the airplane cockpit d. Cost of the flight data recorder (the black box) for the airplane e. Cost of normal scrap from production of the airplane body f. Cost of small replicas of the airplane used to promote and market the airplane g. Cost of paving the headquarters employee parking lot h. Decals for cockpit door, the cost of which is immaterial to the cost of the final product 1. Depreciation on factory equipment j. Hourly wages for janitorial staff for the factory k. Hydraulic pumps used in the airplane's flight control system 1. Instrument panel installed in the…
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