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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

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
Depreciation expense-office equipment		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 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

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.