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	$356,040	$437,930
Work in process	640,870	595,580
Finished goods	615,950	608,720
Advertising expense		$297,350
Depreciation expense-office equipment		42,040
Depreciation expense-factory equipment		56,490
Direct labor		674,410
Heat, light, and power-factory		22,330
Indirect labor		78,830
Materials purchased		661,270
Office salaries expense		230,790
Property taxes-factory		18,390
Property taxes-headquarters building		38,100
Rent expense-factory		31,090
Sales		3,096,170
Sales salaries expense		380,120
Supplies-factory		15,330
Miscellaneous costs-factory		9,630

Required:

1. Prepare the statement of the cost of goods manufactured.

Shanika Company
Statement of Cost of Goods Manufactured
For the Year Ended December 31, 20Y6

Depreciation expense-factory equipmentIndirect laborSuppliesWork in process inventory, January 1, 20Y6			$- Select -
Direct materials:
Materials inventory, January 1, 20Y6Rent expense-factorySupplies-factoryWork in process, December 31, 20Y6	$- Select -
Indirect laborProperty taxes-headquarters buildingPurchasesWork in process, December 31, 20Y6	- Select -
Cost of materials available for useSupplies-factoryWork in process inventory, January 1, 20Y6Work in process, December 31, 20Y6	$- Select -
Less indirect laborLess materials inventory, December 31, 20Y6Less miscellaneous cost-factoryLess work in process, December 31, 20Y6	- Select -
Cost of direct materials usedCost of finished goods available for saleCost of goods manufacturedCost of goods sold		$- Select -
Depreciation expense-factory equipmentDirect laborIndirect laborSupplies-factory		- Select -
Factory overhead:
Indirect laborMaterials inventory, January 1, 20Y6PurchasesSales	$- Select -
Depreciation expense-factory equipmentDepreciation expense-office equipmentDirect laborPurchases	- Select -
Direct laborHeat, light, and power-factoryMaterials inventory, January 1, 20Y6Work in process inventory, December 31, 20Y6	- Select -
Cost of materials available for useDirect laborProperty taxes-factoryProperty taxes-headquarters building	- Select -
PurchasesRent expense-factoryRent expense-headquarters buildingSales salaries expense	- Select -
Cost of goods soldDirect laborPurchasesSupplies-factory	- Select -
Advertising expenseCost of materials available for useDirect materialsMiscellaneous costs-factory	- Select -
Total factory overhead		fill in the blank 012490fee047f87_29
Total manufacturing costs incurred			fill in the blank 012490fee047f87_30
Total manufacturing costs			$fill in the blank 012490fee047f87_31
Less cost of materials available for useLess direct materialsLess materials inventory, December 31, 20Y6Less work in process inventory, December 31, 20Y6			- Select -
Cost of goods manufactured			$fill in the blank 012490fee047f87_34

2. Prepare the income statement.

Shanika Company
Income Statement
For the Year Ended December 31, 20Y6

Cost of goods soldGross profitIndirect laborSales			$- Select -
Cost of goods sold:
Advertising expenseFinished goods inventory, January 1, 20Y6Finished goods inventory, December 31, 20Y6Sales		$- Select -
Cost of direct materials usedCost of finished goods available for saleCost of goods manufacturedCost of goods sold		- Select -
Cost of direct materials usedCost of finished goods available for saleCost of goods soldCost of materials available for use		$- Select -
Depreciation expense-office equipmentLess finished goods inventory, December 31, 20Y6Net lossPlus finished goods inventory, December 1, 20Y6		- Select -
Cost of direct materials usedCost of finished goods available for saleCost of goods soldCost of materials available for use			- Select -
Cost of goods soldGross profitProperty taxes-headquarters buildingSales			$- Select -
Operating expenses:
Administrative expenses:
Cost of goods soldOffice salaries expenseSalesSales salaries expense	$- Select -
Advertising expenseDepreciation expense-factory equipmentDepreciation expense-office equipmentGross profit	- Select -
Cost of goods soldProperty taxes-factoryProperty taxes-headquarters buildingSales	- Select -	$- Select -
Selling expenses:
Advertising expenseCost of goods soldOffice salaries expenseSales	$- Select -
Direct laborOffice salaries expenseSalesSales salaries expense	- Select -	- Select -
Total operating expenses			fill in the blank 96993c05d01505a_27
Net incomeNet loss			$- Select -

Answer rating: 100% (QA)

Work in process inventory January 120Y6 Direct materials SHANIKA COMPANY Statement of ... View the full answer