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Can someone please help me with #1 and prepare an income statement 1. Prepare the statement of cost of goods manufactured. 6 2 5 4
Can someone please help me with #1 and prepare an income statement
1. Prepare the statement of cost of goods manufactured. 6 2 5 4 5 100% - Normal text Shanika Company ... Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y6 2 6 Work In process Inventory, January 1, 2016 Direct materials: Materials Inventory, January 1, 2016 The following report was prepared for evaluating the performance of the plant manager of Marching Ants Inc. Evaluate and correct this report. Purchases Cost of materials available for use Marching Ants Inc. Less materials Inventory, December 31, 2016 Manufacturing Costs Cost of direct materials used For the Quarter Ended June 30 Direct labor Materials used in production (including $39,300 of indirect materials)-$424,500 Factory overhead: Direct labor (including $59,000 maintenance salaries)-$393,100 Indirect labor Factory overhead: Depreciation expense-factory equipment Supervisor salaries- 361,700 Heat, light, and power-98,300 Heat, light, and power-factory Sales salaries-243,700 Property taxes-factory Promotional expenses-220,100 Rent expense-factory Insurance and property taxes-plant-106,100 Supplies-factory Insurance and property taxes-corporate offices-153,300 Miscellaneous costs-factory Depreciation-plant and equipment-86,500 Depreciation-corporate offices-62,900 Total factory overhead Total-$2,150,200 Total manufacturing costs Incurred Total manufacturing costs Less work In process Inventory, December 31, 20Y6 Cost of goods manufacturedStep by Step Solution
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