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.

Transcribed Image Text:

Inventories Materials Work in process Finished goods January1 77,350 109,200 113,750 December 31 95,550 96,200 100,100 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 68,250 22,750 14,560 186,550 5,850 23,660 123,500 77,350 4,095 13,650 6,825 864.500 136,500 3,250 4,420