15 - AC

PR 18-5B Statement of cost of goods manufactured and income statement for a OBJ. 2,3 manufacturing company 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 income statement. SHANIKA COMPANY Statement of Cost of Goods Manufactured For the Year Ended December 31, 2014 Work in process inventory, January 1, 2014 Direct materials: Cost of direct materials used in production Direct labor Factory overhead: Total factory overhead Total manufacturing costs incurred during the year Total manufacturing costs Less: Cost of goods manufactured SHANIKA COMPANY Income Statement For the Year Ended December 31, 2014 Sales Cost of goods sold: Cost of finished goods available for sale Cost of goods sold Gross profit Operating expenses: Administrative expenses: Selling expenses: Total operating expenses Net income