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	$346,490	$436,580
Work in process	623,680	593,750
Finished goods	599,430	606,850
Advertising expense		$296,440
Depreciation expense-office equipment		41,910
Depreciation expense-factory equipment		56,320
Direct labor		672,330
Heat, light, and power-factory		22,270
Indirect labor		78,580
Materials purchased		659,240
Office salaries expense		230,080
Property taxes-factory		18,340
Property taxes-headquarters building		37,980
Rent expense-factory		31,000
Sales		3,086,620
Sales salaries expense		378,950
Supplies-factory		15,280
Miscellaneous costs-factory		9,600

Required:

1. Prepare the statement of cost of goods manufactured.

Shanika Company
Statement of Cost of Goods Manufactured
For the Year Ended December 31, 20Y6
			$
Direct materials:
	$
	$
		$
Factory overhead:
	$
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, 20Y6
			$
Cost of goods sold:
		$
		$
			$
Operating expenses:
Administrative expenses:
	$
		$
Selling expenses:
	$
Total operating expenses
			$