III Canvas @ Chapter 18 HW # 2 Assignment Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 2016: Inventories January 1 December 31 Materials $229,290 $282,030 Work in process 412,720 383,560 Finished goods 396,670 392,020 Advertising expense $191,500 Neneriatin aynence-offie enuinment 2707 III Canvas 27,070 36,380 434,330 14,380 Chapter 18 HW # 2 Assignment Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salarles expense Property taxes-factory Property taxes-headquarters building Dant avnana.farinn 50,770 425,870 148,630 11,850 24,540 annan III Canvas 20,020 1,993,950 Chapter 18 HW # 2 Assignment Rent expense-factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory Required: 244,800 9,870 6,200 1. Prepare the statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured III Canvas Chapter 18 HW # 2 Assignment Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 2016 Direct materials: Canvas Factory overhead: Canvas Total factory overhead Total manufacturing costs incurred Total manufacturing costs Cost of goods manufactured 2. Prepare the income statement. Shanika Company Income Statement For the Year Ended December 31, 2016 Canvas Cost of goods sold: Operating expenses: Administrative expenses: Canvas Administrative expenses: Selling expenses: Total operating expenses