Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing CompanyThe following information is available for Shanika Company for 20Y6:InventoriesJanuary 1December 31Materials$183,050 $226,980 Work in process329,490 308,690 Finished goods316,680 315,500 Advertising expense$154,120Depreciation expense-office equipment21,790Depreciation expense-factory equipment29,280Direct labor349,550Heat, light, and power-factory11,580Indirect labor40,860Materials purchased342,740Office salaries expense119,620Property taxes-factory9,530Property taxes-headquarters building19,750Rent expense-factory16,120Sales1,604,750Sales salaries expense197,020Supplies-factory7,940Miscellaneous costs-factory4,990 1. Prepare the 20Y6 statement of cost of goods manufactured.Shanika CompanyStatement of Cost of Goods ManufacturedFor the Year Ended December 31, 20Y6$4Direct materials:$Factory overhead:Total factory overheadTotal manufacturing costs incurred in 20Y6Total manufacturing costsCost of goods manufactured 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 expenses

Required financial statements are given below:

Answered: Statement of Cost of Goods Manufactured…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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	$183,050		$226,980
Work in process	329,490		308,690
Finished goods	316,680		315,500

Advertising expense	$154,120
Depreciation expense-office equipment	21,790
Depreciation expense-factory equipment	29,280
Direct labor	349,550
Heat, light, and power-factory	11,580
Indirect labor	40,860
Materials purchased	342,740
Office salaries expense	119,620
Property taxes-factory	9,530
Property taxes-headquarters building	19,750
Rent expense-factory	16,120
Sales	1,604,750
Sales salaries expense	197,020
Supplies-factory	7,940
Miscellaneous costs-factory	4,990

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
$4
Direct materials:
$
Factory overhead:
Total factory overhead
Total manufacturing costs incurred in 20Y6
Total manufacturing costs
Cost of goods manufactured

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

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