The following information is available for Shanika Company for 2016: Inventories January 1 Materials Work in...
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The following information is available for Shanika Company for 2016: Inventories January 1 Materials Work in process Finished goods Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory Required: $456,630 821,930 789,970 1. Prepare the statement of cost of goods manufactured. December 31 $557,090 757,640 774,360 $378,260 53,480 71,860 857,920 28,410 100,280 841,210 293,590 23,400 48,470 39,550 3,938,630 483,550 19,500 12,260 2. Prepare the income statement. The following information is available for Shanika Company for 2016: Inventories January 1 Materials Work in process Finished goods Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory Required: $456,630 821,930 789,970 1. Prepare the statement of cost of goods manufactured. December 31 $557,090 757,640 774,360 $378,260 53,480 71,860 857,920 28,410 100,280 841,210 293,590 23,400 48,470 39,550 3,938,630 483,550 19,500 12,260 2. Prepare the income statement.
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To prepare the statement of cost of goods manufactured we need to calculate the total manufacturing costs incurred during the year Heres the calculati... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-1285866307
13th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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