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	$226,240	$278,280
Work in process	407,230	378,460
Finished goods	391,400	386,810
Advertising expense		$188,950
Depreciation expense-office equipment		26,710
Depreciation expense-factory equipment		35,900
Direct labor		428,550
Heat, light, and power-factory		14,190
Indirect labor		50,090
Materials purchased		420,200
Office salaries expense		146,650
Property taxes-factory		11,690
Property taxes-headquarters building		24,210
Rent expense-factory		19,760
Sales		1,967,440
Sales salaries expense		241,550
Supplies-factory		9,740
Miscellaneous costs-factory		6,120

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
			$