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 $438,140 $534,530 Work in process 788,650 726,960 Finished goods 757,980 743,000 Advertising expense $362,950 Depreciation expense-office equipment 51,310 Depreciation expense-factory equipment 68,950 Direct labor 823,180 Heat, light, and power-factory 27,260 Indirect labor 96,220 Materials purchased 807,140 Office salaries expense 281,700 Property taxes-factory 22,450 Property taxes-headquarters building 46,500 Rent expense-factory 37,950 Sales 3,779,130 Sales salaries expense 463,970 Supplies-factory 18,710 Miscellaneous costs-factory 11,760 Required: 1. Prepare the statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y6 $fill in the blank b35a0903d069fda_2 Direct materials: $fill in the blank b35a0903d069fda_4 fill in the blank b35a0903d069fda_6 $fill in the blank b35a0903d069fda_8 fill in the blank b35a0903d069fda_10 $fill in the blank b35a0903d069fda_12 fill in the blank b35a0903d069fda_14 Factory overhead: $fill in the blank b35a0903d069fda_16 fill in the blank b35a0903d069fda_18 fill in the blank b35a0903d069fda_20 fill in the blank b35a0903d069fda_22 fill in the blank b35a0903d069fda_24 fill in the blank b35a0903d069fda_26 fill in the blank b35a0903d069fda_28 Total factory overhead fill in the blank b35a0903d069fda_29 Total manufacturing costs incurred fill in the blank b35a0903d069fda_30 Total manufacturing costs $fill in the blank b35a0903d069fda_31 fill in the blank b35a0903d069fda_33 Cost of goods manufactured $fill in the blank b35a0903d069fda_34 2. Prepare the income statement. Shanika Company Income Statement For the Year Ended December 31, 20Y6 $fill in the blank c7a839f5a058062_2 Cost of goods sold: $fill in the blank c7a839f5a058062_4 fill in the blank c7a839f5a058062_6 $fill in the blank c7a839f5a058062_8 fill in the blank c7a839f5a058062_10 fill in the blank c7a839f5a058062_12 $fill in the blank c7a839f5a058062_14 Operating expenses: Administrative expenses: $fill in the blank c7a839f5a058062_16 fill in the blank c7a839f5a058062_18 fill in the blank c7a839f5a058062_20 $fill in the blank c7a839f5a058062_21 Selling expenses: $fill in the blank c7a839f5a058062_23 fill in the blank c7a839f5a058062_25 fill in the blank c7a839f5a058062_26 Total operating expenses fill in the blank c7a839f5a058062_27 $fill in the blank c7a839f5a058062_29

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 $438,140 $534,530 Work in process 788,650 726,960 Finished goods 757,980 743,000 Advertising expense $362,950 Depreciation expense-office equipment 51,310 Depreciation expense-factory equipment 68,950 Direct labor 823,180 Heat, light, and power-factory 27,260 Indirect labor 96,220 Materials purchased 807,140 Office salaries expense 281,700 Property taxes-factory 22,450 Property taxes-headquarters building 46,500 Rent expense-factory 37,950 Sales 3,779,130 Sales salaries expense 463,970 Supplies-factory 18,710 Miscellaneous costs-factory 11,760 Required: 1. Prepare the statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y6 $fill in the blank b35a0903d069fda_2 Direct materials: $fill in the blank b35a0903d069fda_4 fill in the blank b35a0903d069fda_6 $fill in the blank b35a0903d069fda_8 fill in the blank b35a0903d069fda_10 $fill in the blank b35a0903d069fda_12 fill in the blank b35a0903d069fda_14 Factory overhead: $fill in the blank b35a0903d069fda_16 fill in the blank b35a0903d069fda_18 fill in the blank b35a0903d069fda_20 fill in the blank b35a0903d069fda_22 fill in the blank b35a0903d069fda_24 fill in the blank b35a0903d069fda_26 fill in the blank b35a0903d069fda_28 Total factory overhead fill in the blank b35a0903d069fda_29 Total manufacturing costs incurred fill in the blank b35a0903d069fda_30 Total manufacturing costs $fill in the blank b35a0903d069fda_31 fill in the blank b35a0903d069fda_33 Cost of goods manufactured $fill in the blank b35a0903d069fda_34 2. Prepare the income statement. Shanika Company Income Statement For the Year Ended December 31, 20Y6 $fill in the blank c7a839f5a058062_2 Cost of goods sold: $fill in the blank c7a839f5a058062_4 fill in the blank c7a839f5a058062_6 $fill in the blank c7a839f5a058062_8 fill in the blank c7a839f5a058062_10 fill in the blank c7a839f5a058062_12 $fill in the blank c7a839f5a058062_14 Operating expenses: Administrative expenses: $fill in the blank c7a839f5a058062_16 fill in the blank c7a839f5a058062_18 fill in the blank c7a839f5a058062_20 $fill in the blank c7a839f5a058062_21 Selling expenses: $fill in the blank c7a839f5a058062_23 fill in the blank c7a839f5a058062_25 fill in the blank c7a839f5a058062_26 Total operating expenses fill in the blank c7a839f5a058062_27 $fill in the blank c7a839f5a058062_29

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

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	$438,140	$534,530
Work in process	788,650	726,960
Finished goods	757,980	743,000

Advertising expense		$362,950
Depreciation expense-office equipment		51,310
Depreciation expense-factory equipment		68,950
Direct labor		823,180
Heat, light, and power-factory		27,260
Indirect labor		96,220
Materials purchased		807,140
Office salaries expense		281,700
Property taxes-factory		22,450
Property taxes-headquarters building		46,500
Rent expense-factory		37,950
Sales		3,779,130
Sales salaries expense		463,970
Supplies-factory		18,710
Miscellaneous costs-factory		11,760

Required:

1. Prepare the statement of cost of goods manufactured.

Shanika Company
Statement of Cost of Goods Manufactured
For the Year Ended December 31, 20Y6
			$fill in the blank b35a0903d069fda_2
Direct materials:
	$fill in the blank b35a0903d069fda_4
	fill in the blank b35a0903d069fda_6
	$fill in the blank b35a0903d069fda_8
	fill in the blank b35a0903d069fda_10
		$fill in the blank b35a0903d069fda_12
		fill in the blank b35a0903d069fda_14
Factory overhead:
	$fill in the blank b35a0903d069fda_16
	fill in the blank b35a0903d069fda_18
	fill in the blank b35a0903d069fda_20
	fill in the blank b35a0903d069fda_22
	fill in the blank b35a0903d069fda_24
	fill in the blank b35a0903d069fda_26
	fill in the blank b35a0903d069fda_28
Total factory overhead		fill in the blank b35a0903d069fda_29
Total manufacturing costs incurred			fill in the blank b35a0903d069fda_30
Total manufacturing costs			$fill in the blank b35a0903d069fda_31
			fill in the blank b35a0903d069fda_33
Cost of goods manufactured			$fill in the blank b35a0903d069fda_34

2. Prepare the income statement.

Shanika Company
Income Statement
For the Year Ended December 31, 20Y6
			$fill in the blank c7a839f5a058062_2
Cost of goods sold:
		$fill in the blank c7a839f5a058062_4
		fill in the blank c7a839f5a058062_6
		$fill in the blank c7a839f5a058062_8
		fill in the blank c7a839f5a058062_10
			fill in the blank c7a839f5a058062_12
			$fill in the blank c7a839f5a058062_14
Operating expenses:
Administrative expenses:
	$fill in the blank c7a839f5a058062_16
	fill in the blank c7a839f5a058062_18
	fill in the blank c7a839f5a058062_20	$fill in the blank c7a839f5a058062_21
Selling expenses:
	$fill in the blank c7a839f5a058062_23
	fill in the blank c7a839f5a058062_25	fill in the blank c7a839f5a058062_26
Total operating expenses			fill in the blank c7a839f5a058062_27
			$fill in the blank c7a839f5a058062_29

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