Income Statement for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods sold data from a manufacturing company income statement. Determine the amounts of the missing items, identifying them by letter. Finished goods inventory, June 1 $55,600 $15,600 (e) Cost of goods manufactured 255,800 (c) 54,600 Cost of finished goods available for sale (a) $148,200 $85,800 Finished goods inventory, June 30 60,400 31,100 (f) Cost of goods sold (b) (d) $78,900 a. b. $ c. d. $ e. f. Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following information is available for Bandera Manufacturing Company for the month ending January 31: Cost of goods manufactured $230,590 Selling expenses 77,030 Administrative expenses 40,720 Sales 490,610 Finished goods inventory, January 1 55,440 Finished goods inventory, January 31 50,530 a. For the month ended January 31, determine Bandera Manufacturing's cost of goods sold. Bandera Manufacturing Company Cost of Goods Sold January 31 b. For the month ended January 31, determine Bandera Manufacturing's gross profit. Bandera Manufacturing Company Gross Profit January 31 C. For the month ended January 31, determine Bandera Manufacturing's net income. Bandera Manufacturing Company Net Income January 31 Operating expenses: Total operating expenses 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 $425,620 $532,030 Work in process 766,120 723,560 Finished goods 736,320 739,520 $361,250 Advertising expense Depreciation expense-office equipment 51,070 Depreciation expense-factory equipment 68,630 Direct labor 819,330 Heat, light, and power-factory 27,130 Indirect labor 95,770 Materials purchased 803,370 Office salaries expense 280,380 22,350 Property taxes-factory Property taxes-headquarters building 46,290 Rent expense-factory 37,770 Sales 3,761,450 Sales salaries expense 461,800 Sales salaries expense 461,800 Supplies-factory 18,620 Miscellaneous costs-factory 11,700 Required: 1. Prepare the 20Y6 statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y6 Direct materials: Il Factory overhead: Factory overhead: Qolllll Total factory overhead Total manufacturing costs incurred in 2016 Total manufacturing costs 000 Cost of goods manufactured 2. Prepare the 20Y6 income statement. Shanika Company Income Statement For the Year Ended December 31, 2046 Shanika Company Income Statement For the Year Ended December 31, 2016 Cost of good sold: IQ Operating expenses: Administrative expenses: 000 00 Selling expenses: ] Cost of good sold: . 0 Operating expenses: Administrative expenses: Selling expenses: Total operating expenses
