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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 $293,460 $363,890
Work in process 528,230 494,890
Finished goods 507,690 505,810
Advertising expense $247,080
Depreciation expense-office equipment 34,930
Depreciation expense-factory equipment 46,940
Direct labor 560,390
Heat, light, and power-factory 18,560
Indirect labor 65,500
Materials purchased 549,470
Office salaries expense 191,770
Property taxes-factory 15,280
Property taxes-headquarters building 31,660
Rent expense-factory 25,840
Sales 2,572,700
Sales salaries expense 315,860
Supplies-factory 12,740
Miscellaneous costs-factory 8,010

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
Direct materials:
$fill in the blank
fill in the blank
$fill in the blank
fill in the blank
$fill in the blank
fill in the blank
Factory overhead:
$fill in the blank
fill in the blank
fill in the blank
fill in the blank
fill in the blank
fill in the blank
fill in the blank
Total factory overhead fill in the blank
Total manufacturing costs incurred fill in the blank
Total manufacturing costs $fill in the blank
fill in the blank
Cost of goods manufactured $fill in the blank

2. Prepare the income statement.

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

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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