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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	$332,210	$418,580
Work in process	597,980	569,270
Finished goods	574,720	581,830
Advertising expense		$284,220
Depreciation expense-office equipment		40,180
Depreciation expense-factory equipment		54,000
Direct labor		644,610
Heat, light, and power-factory		21,350
Indirect labor		75,340
Materials purchased		632,060
Office salaries expense		220,590
Property taxes-factory		17,580
Property taxes-headquarters building		36,420
Rent expense-factory		29,720
Sales		2,959,360
Sales salaries expense		363,330
Supplies-factory		14,650
Miscellaneous costs-factory		9,210

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, 20Y6			$- Select -
Direct materials:
Materials inventory, January 1, 20Y6Rent expense-factorySupplies-factoryWork in process, December 31, 20Y6	$- Select -
Indirect laborProperty taxes-headquarters buildingPurchasesWork in process, December 31, 20Y6	- Select -
Cost of materials available for useSupplies-factoryWork in process inventory, January 1, 20Y6Work in process, December 31, 20Y6	$- Select -
Less indirect laborLess materials inventory, December 31, 20Y6Less miscellaneous cost-factoryLess work in process, December 31, 20Y6	- Select -
Cost of direct materials usedCost 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 15e7b6050f91f88_29
Total manufacturing costs incurred			fill in the blank 15e7b6050f91f88_30
Total manufacturing costs			$fill in the blank 15e7b6050f91f88_31
Less cost of materials available for useLess direct materialsLess materials inventory, December 31, 20Y6Less work in process inventory, December 31, 20Y6			- Select -
Cost of goods manufactured			$fill in the blank 15e7b6050f91f88_34

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2. Prepare the income statement.

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

Cost of goods soldGross profitIndirect laborSales			$- Select -
Cost of goods sold:
Advertising expenseFinished goods inventory, January 1, 20Y6Finished goods inventory, December 31, 20Y6Sales		$- Select -
Cost of direct materials usedCost of finished goods available for saleCost of goods manufacturedCost of goods sold		- Select -
Cost of direct materials usedCost of finished goods available for saleCost of goods soldCost of materials available for use		$- Select -
Depreciation expense-office equipmentLess finished goods inventory, December 31, 20Y6Net lossPlus finished goods inventory, December 1, 20Y6		- Select -
Cost of direct materials usedCost 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 2b859906cfe7fe2_27
Net incomeNet loss			$- Select -