Inventories December 31 January 1 $ 77,350 $ 95,550 Materials Work in process Finished goods 109,200 96,200 113,750 100,100 $ 68,250 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment 22,750 14,560 Direct labor 186,550 Heat, light, and power-factory 5,850 Indirect labor 23,660 Materials purchased 123,500 Office salaries expense 77,350 Property taxes-factory Property taxes-headquarters building Rent expense-factory 4,095 13,650 6,825 Sales 864,500 Sales salaries expense 136,500 Supplies-factory Miscellaneous costs-factory 3,250 4,420

Inventories December 31 January 1 $ 77,350 $ 95,550 Materials Work in process Finished goods 109,200 96,200 113,750 100,100 $ 68,250 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment 22,750 14,560 Direct labor 186,550 Heat, light, and power-factory 5,850 Indirect labor 23,660 Materials purchased 123,500 Office salaries expense 77,350 Property taxes-factory Property taxes-headquarters building Rent expense-factory 4,095 13,650 6,825 Sales 864,500 Sales salaries expense 136,500 Supplies-factory Miscellaneous costs-factory 3,250 4,420

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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Question

The following information is available for Shanika Company for 20Y6:

Please see the attachment

Instructions
1. Prepare the statement of cost of goods manufactured.
2. Prepare the income statement.

Inventories
December 31
January 1
$ 77,350
$ 95,550
Materials
Work in process
Finished goods
109,200
96,200
113,750
100,100
$ 68,250
Advertising expense
Depreciation expense-office equipment
Depreciation expense-factory equipment
22,750
14,560
Direct labor
186,550
Heat, light, and power-factory
5,850
Indirect labor
23,660
Materials purchased
123,500
Office salaries expense
77,350
Property taxes-factory
Property taxes-headquarters building
Rent expense-factory
4,095
13,650
6,825
Sales
864,500
Sales salaries expense
136,500
Supplies-factory
Miscellaneous costs-factory
3,250
4,420

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