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Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information...

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 $441,510 $551,890
Work in process 794,720 750,570
Finished goods 763,810 767,130
Advertising expense $374,730
Depreciation expense-office equipment 52,980
Depreciation expense-factory equipment 71,190
Direct labor 849,910
Heat, light, and power-factory 28,150
Indirect labor 99,340
Materials purchased 833,350
Office salaries expense 290,850
Property taxes-factory 23,180
Property taxes-headquarters building 48,010
Rent expense-factory 39,180
Sales 3,901,860
Sales salaries expense 479,040
Supplies-factory 19,320
Miscellaneous costs-factory 12,140

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
$
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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