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	$245,320	$299,290
Work in process	441,580	407,030
Finished goods	424,400	416,010
Advertising expense		$203,220
Depreciation expense-office equipment		28,730
Depreciation expense-factory equipment		38,610
Direct labor		460,910
Heat, light, and power-factory		15,260
Indirect labor		53,870
Materials purchased		451,930
Office salaries expense		157,730
Property taxes-factory		12,570
Property taxes-headquarters building		26,040
Rent expense-factory		21,250
Sales		2,115,980
Sales salaries expense		259,780
Supplies-factory		10,480
Miscellaneous costs-factory		6,580

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
			$