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Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company

The following information is available for Shanika Company for 20Y6:

InventoriesJanuary 1December 31Materials$454,610 $563,720 Work in process818,300 766,660 Finished goods786,480 783,570

Advertising expense$382,770Depreciation expense-office equipment54,120Depreciation expense-factory equipment72,720Direct labor868,130Heat, light, and power-factory28,750Indirect labor101,470Materials purchased851,220Office salaries expense297,080Property taxes-factory23,680Property taxes-headquarters building49,040Rent expense-factory40,020Sales3,985,500Sales salaries expense489,310Supplies-factory19,730Miscellaneous costs-factory12,400

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1. Prepare the 20Y6 statement of cost of goods manufactured.

Depreciation expense-factory equipmentIndirect laborSuppliesWork in process inventory, January 1, 20Y6 $- Select -Direct materials: Materials inventory, January 1, 20Y6Rent expense-factorySupplies-factoryWork in process inventory, December 31, 20Y6$- Select - Indirect laborProperty taxes-headquarters buildingPurchasesWork in process inventory, December 31, 20Y6- Select - Cost of materials available for useSupplies-factoryWork in process inventory, January 1, 20Y6Work in process inventory, December 31, 20Y6$- Select - Indirect laborMaterials inventory, December 31, 20Y6Miscellaneous cost-factoryWork in process inventory, December 31, 20Y6- Select - Cost of direct materials used in productionCost of finished goods available for saleCost of goods manufacturedCost of goods sold $- Select - Depreciation expense-factory equipmentDirect laborIndirect laborSupplies-factory - Select - Factory overhead: Indirect laborMaterials inventory, January 1, 20Y6PurchasesSales$- Select - Depreciation expense-factory equipmentDepreciation expense-office equipmentDirect laborPurchases- Select - Direct laborHeat, light, and power-factoryMaterials inventory, January 1, 20Y6Work in process inventory, December 31, 20Y6- Select - Cost of materials available for useDirect laborProperty taxes-factoryProperty taxes-headquarters building- Select - PurchasesRent expense-factoryRent expense-headquarters buildingSales salaries expense- Select - Cost of goods soldDirect laborPurchasesSupplies-factory- Select - Advertising expenseCost of materials available for useDirect materialsMiscellaneous costs-factory- Select - Total factory overhead fill in the blank 2764d6074f9c038_29 Total manufacturing costs incurred in 20Y6 fill in the blank 2764d6074f9c038_30Total manufacturing costs $fill in the blank 2764d6074f9c038_31Cost of materials available for useDirect materialsMaterials inventory, December 31, 20Y6Work in process inventory, December 31, 20Y6 - Select -Cost of goods manufactured $fill in the blank 2764d6074f9c038_34

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2. Prepare the 20Y6 income statement.

Cost of goods soldGross profitIndirect laborSales $- Select -Cost of good sold: Advertising expenseFinished goods inventory, January 1, 20Y6Finished goods inventory, December 31, 20Y6Sales $- Select - Cost of direct materials used in productionCost of finished goods available for saleCost of goods manufacturedCost of goods sold - Select - Cost of direct materials used in productionCost of finished goods available for saleCost of goods soldCost of materials available for use $- Select - Depreciation expense-office equipmentFinished goods inventory, December 31, 20Y6Net lossPlus finished goods inventory, December 1, 20Y6 - Select - Cost of direct materials used in productionCost of finished goods available for saleCost of goods soldCost of materials available for use - Select -Cost of goods soldGross profitProperty taxes-headquarters buildingSales $- Select -Operating expenses: Administrative expenses: Cost of goods soldOffice salaries expenseSalesSales salaries expense$- Select - Advertising expenseDepreciation expense-factory equipmentDepreciation expense-office equipmentGross profit- Select - Cost of goods soldProperty taxes-factoryProperty taxes-headquarters buildingSales- Select -$- Select - Selling expenses: Advertising expenseCost of goods soldOffice salaries expenseSales$- Select - Direct laborOffice salaries expenseSalesSales salaries expense- Select -- Select - Total operating expenses fill in the blank eaad77fd301ef8a_27Net incomeNet loss $- Select