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	$251,920	$309,860
Work in process	453,460	421,410
Finished goods	435,820	430,710

Line Item Description	Amount
Advertising expense	$210,390
Depreciation expense-office equipment	29,750
Depreciation expense-factory equipment	39,970
Direct labor	477,180
Heat, light, and power-factory	15,800
Indirect labor	55,770
Materials purchased	467,890
Office salaries expense	163,300
Property taxes-factory	13,010
Property taxes-headquarters building	26,960
Rent expense-factory	22,000
Sales	2,190,710
Sales salaries expense	268,960
Supplies-factory	10,850
Miscellaneous costs-factory	6,820

Required:

Question Content Area

1. Prepare the 20Y6 statement of cost of goods manufactured.

Costs Type	Amount	Amount	Amount
Cost of goods manufacturedDepreciation expense-factory equipmentIndirect laborSuppliesWork in process inventory, January 1, 20Y6			$- Select -
Direct materials:
Cost of goods manufacturedMaterials inventory, January 1, 20Y6Rent expense-factorySupplies-factoryWork in process inventory, December 31, 20Y6	$- Select -
Cost of goods manufacturedIndirect laborProperty taxes-headquarters buildingPurchasesWork in process inventory, December 31, 20Y6	- Select -
Cost of materials available for useIndirect laborSupplies-factoryWork in process inventory, January 1, 20Y6Work in process inventory, December 31, 20Y6	$- Select -
Cost of goods manufacturedIndirect laborMaterials inventory, December 31, 20Y6Miscellaneous cost-factoryWork in process inventory, December 31, 20Y6	- Select -
Cost of direct materials used in productionCost of finished goods available for saleCost of goods manufacturedCost of goods soldWork in process inventory, December 31, 20Y6		$- Select -
Depreciation expense-factory equipmentDirect laborIndirect laborSupplies-factoryWork in process inventory, December 31, 20Y6		- Select -
Factory overhead:
Cost of goods manufacturedIndirect laborMaterials inventory, January 1, 20Y6PurchasesSales	$- Select -
Cost of goods manufacturedDepreciation expense-factory equipmentDepreciation expense-office equipmentDirect laborPurchases	- Select -
Cost of goods manufacturedDirect laborHeat, light, and power-factoryMaterials inventory, January 1, 20Y6Work in process inventory, December 31, 20Y6	- Select -
Cost of goods manufacturedCost of materials available for useDirect laborProperty taxes-factoryProperty taxes-headquarters building	- Select -
Cost of goods manufacturedPurchasesRent expense-factoryRent expense-headquarters buildingSales salaries expense	- Select -
Cost of goods manufacturedCost of goods soldDirect laborPurchasesSupplies-factory	- Select -
Advertising expenseCost of goods manufacturedCost of materials available for useDirect materialsMiscellaneous costs-factory	- Select -
Total factory overhead		Total factory overhead
Total manufacturing costs incurred in 20Y6			Total manufacturing costs incurred in 20Y6
Total manufacturing costs			$Total manufacturing costs
Cost of materials available for useDirect laborDirect materialsMaterials inventory, December 31, 20Y6Work in process inventory, December 31, 20Y6			- Select -
Cost of direct materials used in productionCost of finished goods available for saleCost of goods manufacturedCost of materials available for useMaterials inventory, January 1, 20Y6			$- Select -

Question Content Area

2. Prepare the 20Y6 income statement.

Line Item Description	Amount	Amount	Amount
Advertising expenseCost of goods soldGross profitIndirect laborSales			$- Select -
Cost of good sold:
Advertising expenseFinished goods inventory, January 1, 20Y6Finished goods inventory, December 31, 20Y6Office salaries expenseSales		$- Select -
Cost of direct materials used in productionCost of finished goods available for saleCost of goods manufacturedCost of goods soldOffice salaries expense		- Select -
Cost of direct materials used in productionCost of finished goods available for saleCost of goods soldCost of materials available for useOffice salaries expense		$- Select -
Depreciation expense-office equipmentFinished goods inventory, December 31, 20Y6Finished goods inventory, January 1, 20Y6Net lossOffice salaries expense		- Select -
Cost of direct materials used in productionCost of finished goods available for saleCost of goods soldCost of materials available for useSales salaries expense			- Select -
Cost of goods soldGross profitProperty taxes-headquarters buildingSalesSales salaries expense			$- Select -
Operating expenses:
Administrative expenses:
Advertising expenseCost of goods soldOffice salaries expenseSalesSales salaries expense	$- Select -
Advertising expenseDepreciation expense-factory equipmentDepreciation expense-office equipmentGross profitSales salaries expense	- Select -
Cost of goods soldProperty taxes-factoryProperty taxes-headquarters buildingSalesSales salaries expense	- Select -	blank
Total administrative expenses	blank	$Total administrative expenses	blank
Selling expenses:
Advertising expenseCost of goods soldFinished goods inventory, January 1, 20Y6Office salaries expenseSales	$- Select -
Direct laborFinished goods inventory, January 1, 20Y6Office salaries expenseSalesSales salaries expense	- Select -	blank
Total selling expenses	blank	Total selling expenses	blank
Total operating expenses			Total operating expenses
Net incomeNet loss			$- Select -