Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing CompanyThe following information is available for Shanika Company for 20Y6:InventoriesJanuary 1 December 31Materials$266,060Work in process478,910Finished goods 460,280$324,590441,440451,180Advertising expenseDepreciation expense-office equipmentDepreciation expense-factory equipmentDirect laborHeat, light, and power-factoryIndirect laborMaterials purchasedOffice salaries expenseProperty taxes-factoryProperty taxes-headquarters buildingRent expense-factorySalesSales salaries expenseSupplies-factoryMiscellaneous costs-factory$220,40031,16041,870499,87016,55058,430490,130171,06013,63028,24023,0502,294,850281,74011,3607,140 2. Prepare the 20Y6 income statement.Shanika CompanyIncome StatementFor the Year Ended December 31, 20Y6Cost of good sold:Operating expenses:Administrative expenses:Selling expenses:Total operating expenses001

Name: Statement of Cost of Goods Manufactured and Income Statement for a Ma
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Description: Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing CompanyThe following information is available for Shanika Company for 20Y6:InventoriesJanuary 1 December 31Materials$266,060Work in process478,910Finished goods 460,280

Introduction: Income statement is prepared at the end of particular period to know the income or loss incurred by an organization during the period. Income statement is prepared by first calculating gross profit and then net income or loss. Gross profit = Sales - Cost of goods sold Net income or loss = Gross profit - Operating expenses Statement of cost of goods manufactured: Work in Process Inventory, January 1, 20Y6 478,910 Direct Materials: Materials Inventory, January 1, 20Y6 266,060 Purchases 490,130 Cost of materials available for use 756,190 Less: Materials Inventory, December 31, 20Y6 324,590 Direct Materials Used 431,600 Direct Labor 499,870 Factory Overhead: Indirect Labor 58,430 Depreciation expense - factory Equipment 41,870 Heat, light, and power - factory 16,550 Property taxes - factory 13,630 Rent expense - factory 23,050 Supplies - factory 11,360 Miscellaneous costs - factory 7,140 Total factory overhead 172,030 Total manufacturing costs 1,103,500 Total cost of work in process 1,582,410 Less: Work in Process Inventory, December 31, 20Y6 441,440 Cost of Goods Manufactured 1,140,970 Required income statement is as under: Shanika Company Income Statement For the Year Ended December 31, 20Y6 Sales 2,294,850 Cost of goods sold: Finished goods inventory, Janaury 1, 20Y6 460,280 Cost of goods manufactured 1,140,970 Cost of finished goods available for sale 1,601,250 Less: Finished goods inventory, December 31, 20Y6 451,180 Cost of goods sold 1,150,070 Gross profit 1,144,780 Operating expenses: Administrative expenses: Office salaries expense 171,060 Depreciation expense-office equipment 31,160 Property taxes-headquarters building 28,240 230,460 Selling expenses: Advertising expense 220,400 Sales salaries expense 281,740 502,140 Total operating expenses 732,600 Net income 412,180

Business

Accounting

2. Prepare the 20Y6 income statement. Shanika Company Income Statement For the Year Ended December 31, 20Y6 Cost of good sold: Operating expenses: Administrative expenses: Selling expenses: Total operating expenses E

2. Prepare the 20Y6 income statement. Shanika Company Income Statement For the Year Ended December 31, 20Y6 Cost of good sold: Operating expenses: Administrative expenses: Selling expenses: Total operating expenses E

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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