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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:

Inventories	January 1	December 31
Materials	$390,970	$484,800
Work in process	703,750	659,330
Finished goods	676,380	673,870
Advertising expense		$329,180
Depreciation expense-office equipment		46,540
Depreciation expense-factory equipment		62,540
Direct labor		746,590
Heat, light, and power-factory		24,720
Indirect labor		87,260
Materials purchased		732,050
Office salaries expense		255,490
Property taxes-factory		20,360
Property taxes-headquarters building		42,180
Rent expense-factory		34,420
Sales		3,427,540
Sales salaries expense		420,810
Supplies-factory		16,970
Miscellaneous costs-factory		10,670

Required:

Question Content Area

1. Prepare the statement of cost of goods manufactured.

Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y6

Depreciation expense-factory equipmentIndirect laborSuppliesWork in process inventory, January 1, 20Y6Work in process inventory, December 31, 20Y6			$- Select -
Direct materials:
Materials inventory, January 1, 20Y6Rent expense-factorySupplies-factoryWork in process inventory, January 1, 20Y6Work in process inventory, December 31, 20Y6	$- Select -
Indirect laborProperty taxes-headquarters buildingPurchasesWork in process inventory, January 1, 20Y6Work in process inventory, December 31, 20Y6	- Select -
Cost of finished goods available for saleCost of goods manufacturedCost of goods soldCost of materials available for useIndirect labor	$- Select -
Less indirect laborLess materials inventory, December 31, 20Y6Less miscellaneous cost-factoryLess work in process inventory, January 1, 20Y6Less work in process inventory, December 31, 20Y6	- Select -
Cost of direct materials usedCost of finished goods available for saleCost of goods manufacturedCost of goods soldIndirect labor		$- Select -
Depreciation expense-factory equipmentDirect laborIndirect laborMiscellaneous costs-factorySupplies-factory		- Select -
Factory overhead:
Cost of materials available for useIndirect laborMaterials inventory, January 1, 20Y6Materials inventory, December 31, 20Y6Purchases	$- Select -
Cost of materials available for useDepreciation expense-factory equipmentDepreciation expense-office equipmentDirect laborPurchases	- Select -
Direct laborHeat, light, and power-factoryMaterials inventory, January 1, 20Y6Materials inventory, December 31, 20Y6Work in process inventory, December 31, 20Y6	- Select -
Cost of materials available for useDirect laborProperty taxes-factoryProperty taxes-headquarters buildingWork in process inventory, December 31, 20Y6	- Select -
Direct laborPurchasesRent expense-factorySales salaries expenseWork in process inventory, December 31, 20Y6	- Select -
Cost of goods soldCost of materials available for useDirect laborPurchasesSupplies-factory	- Select -
Advertising expenseCost of materials available for useDirect materialsMiscellaneous costs-factoryPurchases	- Select -
Total factory overhead		fill in the blank c560d6040f8500a_29
Total manufacturing costs incurred			fill in the blank c560d6040f8500a_30
Total manufacturing costs			$fill in the blank c560d6040f8500a_31
Less cost of materials available for useLess direct materialsLess materials inventory, December 31, 20Y6Less work in process inventory, January 1, 20Y6Less work in process inventory, December 31, 20Y6			- Select -
Cost of goods manufactured			$fill in the blank c560d6040f8500a_34

Question Content Area

2. Prepare the income statement.

Shanika Company Income Statement For the Year Ended December 31, 20Y6

Cost of goods soldGross profitIndirect laborOffice salaries expenseSales			$- Select -
Cost of goods sold:
Advertising expenseFinished goods inventory, January 1, 20Y6Gross profitOffice salaries expenseSales		$- Select -
Cost of direct materials usedCost of finished goods available for saleCost of goods manufacturedCost of materials available for useOffice salaries expense		- Select -
Cost of direct materials usedCost of finished goods available for saleCost of goods soldCost of materials available for useOffice salaries expense		$- Select -
Less advertising expenseLess depreciation expense-office equipmentLess finished goods inventory, December 1, 20Y6Less finished goods inventory, December 31, 20Y6Less purchases		- Select -
Cost of direct materials usedCost of goods manufacturedCost of goods soldCost of materials available for useSales salaries expense			- Select -
Cost of goods soldGross profitProperty taxes-headquarters buildingSalesSales salaries expense			$- Select -
Operating expenses:
Administrative expenses:
Cost of goods manufacturedCost of goods soldOffice salaries expenseSalesSales salaries expense	$- Select -
Advertising expenseCost of goods manufacturedCost of goods soldDepreciation expense-office equipmentGross profit	- Select -
Cost of goods soldCost of goods manufacturedGross profitProperty taxes-headquarters buildingSales	- Select -	$- Select -
Selling expenses:
Advertising expenseCost of goods soldCost of goods manufacturedOffice salaries expenseSales	$- Select -
Cost of goods manufacturedGross profitOffice salaries expenseSalesSales salaries expense	- Select -	- Select -
Total operating expenses			fill in the blank 0ae35f0acfad04f_27
Net incomeNet loss			$- Select -