The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $318,530 $398,160 Work in process 573,350 541,500 Finished goods 551,060 553,440 Advertising expense $270,350 Depreciation expense-office equipment 38,220 Depreciation expense-factory equipment 51,360 Direct labor 613,170 Heat, light, and power-factory 20,310 Indirect labor 71,670 Materials purchased 601,220 Office salaries expense 209,830 Property taxes-factory 16,720 Property taxes-headquarters building 34,640 Rent expense-factory 28,270 Sales 2,814,990 Sales salaries expense 345,600 Supplies-factory 13,940 Miscellaneous costs-factory 8,760 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 Total manufacturing costs Cost of goods manufactured - 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 The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $318,530 $398,160 Work in process 573,350 541,500 Finished goods 551,060 553,440 Advertising expense $270,350 Depreciation expense-office equipment 38,220 Depreciation expense-factory equipment 51,360 Direct labor 613,170 Heat, light, and power-factory 20,310 Indirect labor 71,670 Materials purchased 601,220 Office salaries expense 209,830 Property taxes-factory 16,720 Property taxes-headquarters building 34,640 Rent expense-factory 28,270 Sales 2,814,990 Sales salaries expense 345,600 Supplies-factory 13,940 Miscellaneous costs-factory 8,760 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 Total manufacturing costs Cost of goods manufactured - 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
Expert Answer:
Answer rating: 100% (QA)
Calculations E Statement of cost of goods manufactured Work in process inventory January 1 6 20Y6 57... 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
Posted Date:
Students also viewed these accounting questions
-
The following information is available for Shanika Company for 2014: Instructions 1. Prepare the 2014 statement of cost of goods manufactured. 2. Prepare the 2014 incomestatement. Inventories...
-
The following information is available for Shanika Company for 2016: Instructions 1. Prepare the 2016 statement of cost of goods manufactured. 2. Prepare the 2016 income statement. Inventories...
-
The following information is available for Shanika Company for 20Y6: Invevtories January 1 December 31 Materials 77350 95550 Work in process 109200 96200 Finished goods 113750 100100 Advertising...
-
Design a plan to research and select a new or used automobile.
-
How does the accounting exposure under the temporal method differ from the accounting exposure under the current-rate method?
-
Use Conditional Proof (C.P.) to prove that the following statements are tautologies. ~~ R R
-
Give the merits and demerits of four-stroke and two-stroke cycle engines.
-
You are the new CEO of Dualjet, a company that makes expensive premium kitchen stoves for home use. You must decide whether to assemble the stoves in-house or to have a Mexican company do it. The xed...
-
A soft tennis ball is dropped onto a hard floor from a height of 1.95 m and rebounds to a height of 1.56 m. (Assume that the positive direction is upward.) (a)Calculate its velocity (in m/s) just...
-
Assume that you are the CEO of a major producer of potato chips. You have four plants and discover that one of the plants is more productive than the other three; specifically, the midnight to 8 a.m....
-
Course Code BMGT380 Course Name: Business Ethics Assessment: Assignment 2 (Case Study) Submission Deadline: 5/3/2020 Instructions: Read the case study below, then answer the questions that follow At...
-
The goals of consistency and having the punishment fit the crime are incompatible with just-cause termination. Do you agree or disagree with the statement? Explain.
-
What is a job analysis?
-
How can an organization increase its human resource supply?
-
Do you believe drug testing is necessary for most organizations? Why or why not? Defend your position.
-
Describe the pros and cons of giving workers advance notice of a major layoff or plant closing.
-
help needed. it says to refer to video but video is not needed.please and thank you The balance sheet of a compary shews a firm's absets and liabilibes (and stockiolders' equity), in other worde, at...
-
7 A 29-year-old, previously healthy man suddenly collapses at a party where legal and illicit drugs are being used. Enroute to the hospital, he requires resuscitation with defibrillation to establish...
-
Which of the following industries would typically use job order costing, and which would typically use process costing? Steel manufactuirng ........................Computer chip manufacturing...
-
On April 20, Gallatin County Rocks Inc., a marble contractor, issued for cash 75,000 shares of $45 par common stock at $54, and on August 7, it issued for cash 20,000 shares of preferred stock, $10...
-
Balance sheet data for HQ Properties Company follows: a. Determine the working capital and current ratio for 2016 and 2015. b. Does the change in the current ratio from 2015 to 2016 indicate a...
-
Match List-I (parts) with dist-II (Method of holding on a lathe) and select the correct answer using the codes given below the lists : List-I (parts) A. Cylindrical parts B. Non-cylindrical parts C....
-
How machine tools are classified according to the following criteria : (a) Field of application. (b) Accuracy (c) Weight (d) Processing operations.
-
What are the function performed by a machine tool?
Study smarter with the SolutionInn App