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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
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 | $388,200 | $473,600 | ||
Work in process | 698,760 | 644,100 | ||
Finished goods | 671,590 | 658,300 |
Advertising expense | $321,570 |
Depreciation expense-office equipment | 45,470 |
Depreciation expense-factory equipment | 61,090 |
Direct labor | 729,340 |
Heat, light, and power-factory | 24,150 |
Indirect labor | 85,250 |
Materials purchased | 715,140 |
Office salaries expense | 249,590 |
Property taxes-factory | 19,890 |
Property taxes-headquarters building | 41,200 |
Rent expense-factory | 33,630 |
Sales | 3,348,350 |
Sales salaries expense | 411,080 |
Supplies-factory | 16,580 |
Miscellaneous costs-factory | 10,420 |
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: | |||
$ | |||
$ | |||
$ | |||
Factory overhead: | |||
$ | |||
Total factory overhead | |||
Total manufacturing costs incurred in 20Y6 | |||
Total manufacturing costs | $ | ||
Cost of goods manufactured | $ |
2. Prepare the 20Y6 income statement.
Shanika Company | |||
Income Statement | |||
For the Year Ended December 31, 20Y6 | |||
$ | |||
Cost of good sold: | |||
$ | |||
$ | |||
$ | |||
Operating expenses: | |||
Administrative expenses: | |||
$ | |||
$ | |||
Selling expenses: | |||
$ | |||
Total operating expenses | |||
$ |
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