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	$227,740		$282,400
Work in process	409,930		384,060
Finished goods	393,990		392,540

Advertising expense	$191,750
Depreciation expense-office equipment	27,110
Depreciation expense-factory equipment	36,430
Direct labor	434,900
Heat, light, and power-factory	14,400
Indirect labor	50,830
Materials purchased	426,420
Office salaries expense	148,820
Property taxes-factory	11,860
Property taxes-headquarters building	24,570
Rent expense-factory	20,050
Sales	1,996,570
Sales salaries expense	245,120
Supplies-factory	9,880
Miscellaneous costs-factory	6,210

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
			$