1. Prepare the statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y6 $fill in the blank e5b7d3fe6fe1002_2 Direct materials: $fill in the blank e5b7d3fe6fe1002_4 fill in the blank e5b7d3fe6fe1002_6 $fill in the blank e5b7d3fe6fe1002_8 fill in the blank e5b7d3fe6fe1002_10 $fill in the blank e5b7d3fe6fe1002_12 fill in the blank e5b7d3fe6fe1002_14 Factory overhead: $fill in the blank e5b7d3fe6fe1002_16 fill in the blank e5b7d3fe6fe1002_18 fill in the blank e5b7d3fe6fe1002_20 fill in the blank e5b7d3fe6fe1002_22 fill in the blank e5b7d3fe6fe1002_24 fill in the blank e5b7d3fe6fe1002_26 fill in the blank e5b7d3fe6fe1002_28 Total factory overhead fill in the blank e5b7d3fe6fe1002_29 Total manufacturing costs incurred fill in the blank e5b7d3fe6fe1002_30 Total manufacturing costs $fill in the blank e5b7d3fe6fe1002_31 fill in the blank e5b7d3fe6fe1002_33 Cost of goods manufactured $fill in the blank e5b7d3fe6fe1002_34 2. Prepare the income statement. Shanika Company Income Statement For the Year Ended December 31, 20Y6 $fill in the blank 12b73cff7f99022_2 Cost of goods sold: $fill in the blank 12b73cff7f99022_4 fill in the blank 12b73cff7f99022_6 $fill in the blank 12b73cff7f99022_8 fill in the blank 12b73cff7f99022_10 fill in the blank 12b73cff7f99022_12 $fill in the blank 12b73cff7f99022_14 Operating expenses: Administrative expenses: $fill in the blank 12b73cff7f99022_16 fill in the blank 12b73cff7f99022_18 fill in the blank 12b73cff7f99022_20 $fill in the blank 12b73cff7f99022_21 Selling expenses: $fill in the blank 12b73cff7f99022_23 fill in the blank 12b73cff7f99022_25 fill in the blank 12b73cff7f99022_26 Total operating expenses fill in the blank 12b73cff7f99022_27 $fill in the blank 12b73cff7f99022_29
1. Prepare the statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y6 $fill in the blank e5b7d3fe6fe1002_2 Direct materials: $fill in the blank e5b7d3fe6fe1002_4 fill in the blank e5b7d3fe6fe1002_6 $fill in the blank e5b7d3fe6fe1002_8 fill in the blank e5b7d3fe6fe1002_10 $fill in the blank e5b7d3fe6fe1002_12 fill in the blank e5b7d3fe6fe1002_14 Factory overhead: $fill in the blank e5b7d3fe6fe1002_16 fill in the blank e5b7d3fe6fe1002_18 fill in the blank e5b7d3fe6fe1002_20 fill in the blank e5b7d3fe6fe1002_22 fill in the blank e5b7d3fe6fe1002_24 fill in the blank e5b7d3fe6fe1002_26 fill in the blank e5b7d3fe6fe1002_28 Total factory overhead fill in the blank e5b7d3fe6fe1002_29 Total manufacturing costs incurred fill in the blank e5b7d3fe6fe1002_30 Total manufacturing costs $fill in the blank e5b7d3fe6fe1002_31 fill in the blank e5b7d3fe6fe1002_33 Cost of goods manufactured $fill in the blank e5b7d3fe6fe1002_34 2. Prepare the income statement. Shanika Company Income Statement For the Year Ended December 31, 20Y6 $fill in the blank 12b73cff7f99022_2 Cost of goods sold: $fill in the blank 12b73cff7f99022_4 fill in the blank 12b73cff7f99022_6 $fill in the blank 12b73cff7f99022_8 fill in the blank 12b73cff7f99022_10 fill in the blank 12b73cff7f99022_12 $fill in the blank 12b73cff7f99022_14 Operating expenses: Administrative expenses: $fill in the blank 12b73cff7f99022_16 fill in the blank 12b73cff7f99022_18 fill in the blank 12b73cff7f99022_20 $fill in the blank 12b73cff7f99022_21 Selling expenses: $fill in the blank 12b73cff7f99022_23 fill in the blank 12b73cff7f99022_25 fill in the blank 12b73cff7f99022_26 Total operating expenses fill in the blank 12b73cff7f99022_27 $fill in the blank 12b73cff7f99022_29
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company
The following information is available for Shanika Company for 20Y6:
Inventories | January 1 | December 31 |
Materials | $465,100 | $581,380 |
Work in process | 837,180 | 790,680 |
Finished goods | 804,620 | 808,120 |
Advertising expense | $394,760 | |
55,810 | ||
Depreciation expense-factory equipment | 75,000 | |
Direct labor | 895,330 | |
Heat, light, and power-factory | 29,650 | |
Indirect labor | 104,650 | |
Materials purchased | 877,880 | |
Office salaries expense | 306,390 | |
Property taxes-factory | 24,420 | |
Property taxes-headquarters building | 50,580 | |
Rent expense-factory | 41,280 | |
Sales | 4,110,360 | |
Sales salaries expense | 504,640 | |
Supplies-factory | 20,350 | |
Miscellaneous costs-factory | 12,790 |
Required:
1. Prepare the statement of cost of goods manufactured.
Shanika Company | |||
Statement of Cost of Goods Manufactured | |||
For the Year Ended December 31, 20Y6 | |||
$fill in the blank e5b7d3fe6fe1002_2 | |||
Direct materials: | |||
$fill in the blank e5b7d3fe6fe1002_4 | |||
fill in the blank e5b7d3fe6fe1002_6 | |||
$fill in the blank e5b7d3fe6fe1002_8 | |||
fill in the blank e5b7d3fe6fe1002_10 | |||
$fill in the blank e5b7d3fe6fe1002_12 | |||
fill in the blank e5b7d3fe6fe1002_14 | |||
Factory |
|||
$fill in the blank e5b7d3fe6fe1002_16 | |||
fill in the blank e5b7d3fe6fe1002_18 | |||
fill in the blank e5b7d3fe6fe1002_20 | |||
fill in the blank e5b7d3fe6fe1002_22 | |||
fill in the blank e5b7d3fe6fe1002_24 | |||
fill in the blank e5b7d3fe6fe1002_26 | |||
fill in the blank e5b7d3fe6fe1002_28 | |||
Total factory overhead | fill in the blank e5b7d3fe6fe1002_29 | ||
Total |
fill in the blank e5b7d3fe6fe1002_30 | ||
Total manufacturing costs | $fill in the blank e5b7d3fe6fe1002_31 | ||
fill in the blank e5b7d3fe6fe1002_33 | |||
Cost of goods manufactured | $fill in the blank e5b7d3fe6fe1002_34 |
2. Prepare the income statement.
Shanika Company | |||
Income Statement | |||
For the Year Ended December 31, 20Y6 | |||
$fill in the blank 12b73cff7f99022_2 | |||
Cost of goods sold: | |||
$fill in the blank 12b73cff7f99022_4 | |||
fill in the blank 12b73cff7f99022_6 | |||
$fill in the blank 12b73cff7f99022_8 | |||
fill in the blank 12b73cff7f99022_10 | |||
fill in the blank 12b73cff7f99022_12 | |||
$fill in the blank 12b73cff7f99022_14 | |||
Operating expenses: | |||
Administrative expenses: | |||
$fill in the blank 12b73cff7f99022_16 | |||
fill in the blank 12b73cff7f99022_18 | |||
fill in the blank 12b73cff7f99022_20 | $fill in the blank 12b73cff7f99022_21 | ||
Selling expenses: | |||
$fill in the blank 12b73cff7f99022_23 | |||
fill in the blank 12b73cff7f99022_25 | fill in the blank 12b73cff7f99022_26 | ||
Total operating expenses | fill in the blank 12b73cff7f99022_27 | ||
$fill in the blank 12b73cff7f99022_29 |
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