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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 $315,040 $396,950
Work in process 567,070 539,850
Finished goods 545,020 551,760
Advertising expense $269,530
Depreciation expense-office equipment 38,110
Depreciation expense-factory equipment 51,210
Direct labor 611,300
Heat, light, and power-factory 20,240
Indirect labor 71,450
Materials purchased 599,390
Office salaries expense 209,190
Property taxes-factory 16,670
Property taxes-headquarters building 34,530
Rent expense-factory 28,180
Sales 2,806,440
Sales salaries expense 344,550
Supplies-factory 13,890
Miscellaneous costs-factory 8,730

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
__________ $___________
Direct materials:
__________ $___________
__________ $___________
__________ $___________
__________ $___________
__________ $___________
__________ $___________
Factory overhead:
__________
$___________
__________ $___________
__________ $___________
__________ $___________
__________ $___________
__________ $___________
__________ $___________
Total factory overhead $___________
Total manufacturing costs incurred $___________
__________ $___________
__________ $___________
__________ $___________

2. Prepare the income statement.

Shanika Company
Income Statement
For the Year Ended December 31, 20Y6
__________ $__________
Cost of goods sold:
__________ $___________
__________ $___________
__________ $___________
__________ $___________
__________ $___________
__________ $___________
Operating expenses:
Administrative expenses:
__________ $___________
__________ $___________
__________ $___________ $___________
Selling expenses:
__________ $___________
__________ $___________ $___________
Total operating expenses $___________
__________ $___________


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Expert Solution

ekkarill92 answered 2 years ago
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