A-7
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter2: Basic Managerial Accounting Concepts
Section: Chapter Questions
Problem 58P: Cost of Goods Manufactured, Income Statement W. W. Phillips Company produced 4,000 leather recliners...
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Question
A-7
![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 $318,920 $395,460
Work in process 574,060 537,830 Finished goods 551,730 549, 690 Line Item Description Amount Advertising expense $
268,520 Depreciation expense - office equipment 37,960 Depreciation expense - factory equipment 51, 010 Direct labor
609, 010 Heat, light, and power - factory 20, 170 Indirect labor 71,180 Materials purchased 597, 140 Office salaries
expense 208, 410 Property taxes - factory 16, 610 Property taxes - headquarters building 34,410 Rent expense - factory
28,080 Sales 2, 795,900 Sales salaries expense 343,260 Supplies - factory 13,840 Miscellaneous costs - factory 8, 700
Required: Question Content Area 1. Prepare the 20Y6 statement of cost of goods manufactured. Shanika Company
Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y6](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7e1f74b8-f124-44d2-bf61-7e8f2ecba9e0%2Faec43a61-3f91-496f-aac2-7eed0e6cfa97%2F5980j6v_processed.png&w=3840&q=75)
Transcribed Image Text: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 $318,920 $395,460
Work in process 574,060 537,830 Finished goods 551,730 549, 690 Line Item Description Amount Advertising expense $
268,520 Depreciation expense - office equipment 37,960 Depreciation expense - factory equipment 51, 010 Direct labor
609, 010 Heat, light, and power - factory 20, 170 Indirect labor 71,180 Materials purchased 597, 140 Office salaries
expense 208, 410 Property taxes - factory 16, 610 Property taxes - headquarters building 34,410 Rent expense - factory
28,080 Sales 2, 795,900 Sales salaries expense 343,260 Supplies - factory 13,840 Miscellaneous costs - factory 8, 700
Required: Question Content Area 1. Prepare the 20Y6 statement of cost of goods manufactured. Shanika Company
Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y6
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