Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Compa The following information is available for Shanika Company for 2016: December 31 Factory overhead: Inventories Materials. Work in process Finished goods of goods manufactur Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense January 1 $247,890 446,200 428,850 Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory Required: Work in process inventory, January 1, 20Y6 Direct materials: 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 otal factory overhead atal manufacturing costs incurred in 2016 tal manufacturing costs $304.900 414,660 423,810 00 0000 0000000 0 00 $207,030 29,270 39,33 469,55 15,550 54,880 460,400 160,680 12,810 26,530 21,650 2,155,640 264,650 10,670 6,710 2. Prepare the 20Y6 income statement. Shanika Company Income Statement For the Year Ended December 31, 2016 Cost of good sold: Operating expenses: Administrative expenses: Selling expenses: 10000 100 000 Total operating expenses 00
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Compa The following information is available for Shanika Company for 2016: December 31 Factory overhead: Inventories Materials. Work in process Finished goods of goods manufactur Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense January 1 $247,890 446,200 428,850 Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory Required: Work in process inventory, January 1, 20Y6 Direct materials: 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 otal factory overhead atal manufacturing costs incurred in 2016 tal manufacturing costs $304.900 414,660 423,810 00 0000 0000000 0 00 $207,030 29,270 39,33 469,55 15,550 54,880 460,400 160,680 12,810 26,530 21,650 2,155,640 264,650 10,670 6,710 2. Prepare the 20Y6 income statement. Shanika Company Income Statement For the Year Ended December 31, 2016 Cost of good sold: Operating expenses: Administrative expenses: Selling expenses: 10000 100 000 Total operating expenses 00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please help me with required 1 and required 2 and do not give solution in image format thanku
Transcribed Image Text:Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Compa
The following information is available for Shanika Company for 20Y6:
January 1 December 31
$247,890
446,200
428,850
Factory overhead:
Inventories
Materials.
Work in process
Finished goods
est of goods manufactured
Advertising expense
Depreciation expense-office equipment
Depreciation expense-factory equipment
Direct labor
Heat, light, and power-factory
Indirect labor
Materials purchased
Office salaries expense
Property taxes-factory
Property taxes-headquarters building
Rent expense-factory
Sales
Sales salaries expense
Supplies-factory
Miscellaneous costs-factory
Required:
1. Prepare the 20Y6 statement of cost of goods manufactured.
Statement of Cost of Goods Manufactured
Shanika Company
For the Year Ended December 31, 2016
Work in process inventory, January 1, 2016
Direct materials:
Total factory overhead
Total manufacturing costs incurred in 2016
Total manufacturing costs
$304,900
414,660
423,810
00000000000
0
00
$207,030
29,270
39,33
469,55
15,550
54,880
460,400
160,680
12,810
26,530
21,650
2,155,640
264,650
10,670
6,710
2. Prepare the 20Y6 income statement.
Shanika Company
Income Statement
For the Year Ended December 31, 2016
Cost of good sold:
Operating expenses:
Administrative expenses:
Selling expenses:
0000
000 00
Total operating expenses
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