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	$274,100		$334,400
Work in process	493,380		454,780
Finished goods	474,190		464,820

Advertising expense	$227,060
Depreciation expense-office equipment	32,100
Depreciation expense-factory equipment	43,140
Direct labor	514,980
Heat, light, and power-factory	17,050
Indirect labor	60,190
Materials purchased	504,940
Office salaries expense	176,230
Property taxes-factory	14,040
Property taxes-headquarters building	29,090
Rent expense-factory	23,740
Sales	2,364,210
Sales salaries expense	290,260
Supplies-factory	11,700
Miscellaneous costs-factory	7,360

Required:

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

1. Prepare the 20Y6 statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 2016 Direct materials: Factory overhead: Total factory overhead Total manufacturing costs incurred in 2046 Total manufacturing costs Cost of goods manufactured 2. Prepare the 20Y6 income statement. Shanika Company Income Statement For the Year Ended December 31, 2016 Cost of good sold: Operating expenses: Administrative expenses: Selling expenses: Total operating expenses