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
			$