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 $77,350 $95,550 Work in process 109,200 96,200 Finished goods 113,750 100,100 Advertising expense $68,250 Depreciation expense-office equipment 22,750 Depreciation expense-factory equipment 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 4,095 Property taxes-headquarters building 13,650 Rent expense-factory 6,825 Sales 864,500 Sales salaries expense 136,500 Supplies-factory 3,250 Miscellaneous costs-factory 4,420 Required: 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 Work in process inventory, January 1, 20Y6 $ Direct materials: $ $ $ Factory overhead: $ Total factory overhead Total manufacturing costs incurred in 20Y6 Total manufacturing costs $ $ 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 $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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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	$77,350		$95,550
Work in process	109,200		96,200
Finished goods	113,750		100,100

Advertising expense	$68,250
Depreciation expense-office equipment	22,750
Depreciation expense-factory equipment	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	4,095
Property taxes-headquarters building	13,650
Rent expense-factory	6,825
Sales	864,500
Sales salaries expense	136,500
Supplies-factory	3,250
Miscellaneous costs-factory	4,420

Required:

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
Work in process inventory, January 1, 20Y6			$
Direct materials:
	$

	$

		$

Factory overhead:
	$






Total factory overhead
Total manufacturing costs incurred in 20Y6
Total manufacturing costs			$

			$

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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