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The following information is available for Shanika Company for 20Y6: Inventories Materials Work in process Finished goods January 1 December 31 $251,920 $309,860 453,460 421,410 435,820 430,710 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 $210,390 29,750 39,970 477,180 15,800 55,770 467,890 163,300 13,010 26,960 22,000 2,190,710 268,960 10,850 6,820

The following information is available for Shanika Company for 20Y6: Inventories Materials Work in process Finished goods January 1 December 31 $251,920 $309,860 453,460 421,410 435,820 430,710 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 $210,390 29,750 39,970 477,180 15,800 55,770 467,890 163,300 13,010 26,960 22,000 2,190,710 268,960 10,850 6,820

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 Company The following information is available for Shanika Company for 20Y6: Inventories Materials Work in process Finished goods January 1 December 31 $251,920 453,460 435,820 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: $309,860 421,410 430,710 $210,390 29,750 39,970 477,180 15,800 55,770 467,890 163,300 13,010 26,960 22,000 2,190,710 268,960 10,850 6,820
Transcribed Image Text:Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories Materials Work in process Finished goods January 1 December 31 $251,920 453,460 435,820 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: $309,860 421,410 430,710 $210,390 29,750 39,970 477,180 15,800 55,770 467,890 163,300 13,010 26,960 22,000 2,190,710 268,960 10,850 6,820
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 Costs Type Amount Amount Amount Direct materials: Factory overhead: Total factory overhead Total man Total manufacturing costs costs incurred in 20Y6 2. Prepare the 20Y6 income statement. Shanika Company Income Statement For the Year Ended December 31, 20Y6 Line Item Description Cost of good sold: Operating expenses: Administrative expenses: Total administrative expenses Selling expenses: Total selling expenses Total operating expenses Amount Amount Amount
Transcribed Image Text: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 Costs Type Amount Amount Amount Direct materials: Factory overhead: Total factory overhead Total man Total manufacturing costs costs incurred in 20Y6 2. Prepare the 20Y6 income statement. Shanika Company Income Statement For the Year Ended December 31, 20Y6 Line Item Description Cost of good sold: Operating expenses: Administrative expenses: Total administrative expenses Selling expenses: Total selling expenses Total operating expenses Amount Amount Amount
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