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

  1. 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 $357,690 $447,110
    Work in process 643,840 608,070
    Finished goods 618,800 621,480
    Advertising expense $303,590
    Depreciation expense-office equipment 42,920
    Depreciation expense-factory equipment 57,680
    Direct labor 688,550
    Heat, light, and power-factory 22,800
    Indirect labor 80,480
    Materials purchased 675,140
    Office salaries expense 235,630
    Property taxes-factory 18,780
    Property taxes-headquarters building 38,900
    Rent expense-factory 31,740
    Sales 3,161,070
    Sales salaries expense 388,090
    Supplies-factory 15,650
    Miscellaneous costs-factory 9,840

    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
    • Depreciation expense-factory equipment
    • Indirect labor
    • Supplies
    • Work in process inventory, January 1, 20Y6
    $
    Direct materials:
    • Materials inventory, January 1, 20Y6
    • Rent expense-factory
    • Supplies-factory
    • Work in process inventory, December 31, 20Y6
    $
    • Indirect labor
    • Property taxes-headquarters building
    • Purchases
    • Work in process inventory, December 31, 20Y6
    • Cost of materials available for use
    • Supplies-factory
    • Work in process inventory, January 1, 20Y6
    • Work in process inventory, December 31, 20Y6
    $
    • Indirect labor
    • Materials inventory, December 31, 20Y6
    • Miscellaneous cost-factory
    • Work in process inventory, December 31, 20Y6
    • Cost of direct materials used in production
    • Cost of finished goods available for sale
    • Cost of goods manufactured
    • Cost of goods sold
    $
    • Depreciation expense-factory equipment
    • Direct labor
    • Indirect labor
    • Supplies-factory
    Factory overhead:
    • Indirect labor
    • Materials inventory, January 1, 20Y6
    • Purchases
    • Sales
    $
    • Depreciation expense-factory equipment
    • Depreciation expense-office equipment
    • Direct labor
    • Purchases
    • Direct labor
    • Heat, light, and power-factory
    • Materials inventory, January 1, 20Y6
    • Work in process inventory, December 31, 20Y6
    • Cost of materials available for use
    • Direct labor
    • Property taxes-factory
    • Property taxes-headquarters building
    • Purchases
    • Rent expense-factory
    • Rent expense-headquarters building
    • Sales salaries expense
    • Cost of goods sold
    • Direct labor
    • Purchases
    • Supplies-factory
    • Advertising expense
    • Cost of materials available for use
    • Direct materials
    • Miscellaneous costs-factory
    Total factory overhead
    Total manufacturing costs incurred in 20Y6
    Total manufacturing costs $
    • Cost of materials available for use
    • Direct materials
    • Materials inventory, December 31, 20Y6
    • Work in process inventory, December 31, 20Y6
    Cost of goods manufactured $

    Feedback

    2. Prepare the 20Y6 income statement.

    Shanika Company
    Income Statement
    For the Year Ended December 31, 20Y6
    • Cost of goods sold
    • Gross profit
    • Indirect labor
    • Sales
    $
    Cost of good sold:
    • Advertising expense
    • Finished goods inventory, January 1, 20Y6
    • Finished goods inventory, December 31, 20Y6
    • Sales
    $
    • Cost of direct materials used in production
    • Cost of finished goods available for sale
    • Cost of goods manufactured
    • Cost of goods sold
    • Cost of direct materials used in production
    • Cost of finished goods available for sale
    • Cost of goods sold
    • Cost of materials available for use
    $
    • Depreciation expense-office equipment
    • Finished goods inventory, December 31, 20Y6
    • Net loss
    • Plus finished goods inventory, December 1, 20Y6
    • Cost of direct materials used in production
    • Cost of finished goods available for sale
    • Cost of goods sold
    • Cost of materials available for use
    • Cost of goods sold
    • Gross profit
    • Property taxes-headquarters building
    • Sales
    $
    Operating expenses:
    Administrative expenses:
    • Cost of goods sold
    • Office salaries expense
    • Sales
    • Sales salaries expense
    $
    • Advertising expense
    • Depreciation expense-factory equipment
    • Depreciation expense-office equipment
    • Gross profit
    • Cost of goods sold
    • Property taxes-factory
    • Property taxes-headquarters building
    • Sales
    $
    Selling expenses:
    • Advertising expense
    • Cost of goods sold
    • Office salaries expense
    • Sales
    $
    • Direct labor
    • Office salaries expense
    • Sales
    • Sales salaries expense
    Total operating expenses
    • Net income
    • Net loss
    $

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