13 14 1. 15 16 17 SHANIKA COMPANY Statement of Cost of Goods Manufactured For the Year Ended December 31, 2014 $ 109,200 77 350 123.500 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 24 Work in process inventory, January 1, 2014 Direct materials: Materials inventory, January 1, 2014 Purchases Cost of materials available for use Materials inventory, December 31, 2014 Cost of direct materials used in production Direct labor Factory overhead 15 6 7 8 9 Total factory overhead Total manufacturing costs incurred during the year Total manufacturing costs Less: Cost of goods manufactured OBJ. 2,3 Cost of goods ufactured, 510 EADSHEET PR 18-5B Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Shanika Company for 2014: Inventories January 1 December 31 Materials $ 77,350 595,550 Work in process 109.200 96,200 Finished goods 113,750 100,100 Advertising expense $ 68,250 Depreciation expense-office equipment 22.750 Depreciation expense--factory equipment 14,560 Direct labor 186,550 Heat, light, and power---factory 5,850 Indirect labor 23,660 Materials purchased 123.500 Office salaries expense 77,350 Property taxes--factory 4,095 Property taxes--headquarters building 13,650 Rent expense--factory 6,825 Sales 864,500 Sales salaries expense 136,500 Supplies--factory 3,250 Miscellaneous costs-factory 4,420 peremony ALLUMIny Lusi. Instructions 1. Prepare the 2014 statement of cost of goods manufactured. 2. Prepare the 2014 income statement