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Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing CompanyThe following information is available for Shanika Company for 20Y6 :InventoriesMaterialsWork in processFinished goods January 1$419, 260754,670725, 320 December 31$515, 690701,340716,810 Advertising expense Depreciation expense - office equipmentDepreciation expense - factory equipmentDirect labor$ 350,15049,51066, 520794, 160 Heat, light, and power - factoryIndirect labor26, 30092, 820 Materials purchased Office salaries expense Property taxes - factory Property taxes - headquarters buildingRent expense - factorySales 778, 690271, 77021, 66044, 870Sales salaries expenseSupplies - factory36, 6103, 645, 930447, 62018, 050Miscellaneous costs - factoryRequired:11,3501. Prepare the statement of cost of goods manufactured. Prepare the income statement.

Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing CompanyThe following information is available for Shanika Company for 20Y6 :InventoriesMaterialsWork in processFinished goods January 1$419, 260754,670725, 320 December 31$515, 690701,340716,810 Advertising expense Depreciation expense - office equipmentDepreciation expense - factory equipmentDirect labor$ 350,15049,51066, 520794, 160 Heat, light, and power - factoryIndirect labor26, 30092, 820 Materials purchased Office salaries expense Property taxes - factory Property taxes - headquarters buildingRent expense - factorySales 778, 690271, 77021, 66044, 870Sales salaries expenseSupplies - factory36, 6103, 645, 930447, 62018, 050Miscellaneous costs - factoryRequired:11,3501. Prepare the statement of cost of goods manufactured. Prepare the income statement.

FINANCIAL ACCOUNTING
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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Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing CompanyThe following information is available for Shanika Company for 20Y6 :InventoriesMaterialsWork in processFinished goods January 1$419, 260754,670725, 320 December 31$515, 690701,340716,810 Advertising expense Depreciation expense - office equipmentDepreciation expense - factory equipmentDirect labor$ 350,15049,51066, 520794, 160 Heat, light, and power - factoryIndirect labor26, 30092, 820 Materials purchased Office salaries expense Property taxes - factory Property taxes - headquarters buildingRent expense - factorySales 778, 690271, 77021, 66044, 870Sales salaries expenseSupplies - factory36, 6103, 645, 930447, 62018, 050Miscellaneous costs - factoryRequired:11,3501. Prepare the statement of cost of goods manufactured. Prepare the income statement.
Transcribed Image Text:Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing CompanyThe following information is available for Shanika Company for 20Y6 :InventoriesMaterialsWork in processFinished goods January 1$419, 260754,670725, 320 December 31$515, 690701,340716,810 Advertising expense Depreciation expense - office equipmentDepreciation expense - factory equipmentDirect labor$ 350,15049,51066, 520794, 160 Heat, light, and power - factoryIndirect labor26, 30092, 820 Materials purchased Office salaries expense Property taxes - factory Property taxes - headquarters buildingRent expense - factorySales 778, 690271, 77021, 66044, 870Sales salaries expenseSupplies - factory36, 6103, 645, 930447, 62018, 050Miscellaneous costs - factoryRequired:11,3501. Prepare the statement of cost of goods manufactured. Prepare the income statement.
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