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	$305,680		$379,040
Work in process	550,220		515,490
Finished goods	528,830		526,870

Advertising expense	$257,370
Depreciation expense-office equipment	36,390
Depreciation expense-factory equipment	48,900
Direct labor	583,720
Heat, light, and power-factory	19,330
Indirect labor	68,230
Materials purchased	572,350
Office salaries expense	199,750
Property taxes-factory	15,920
Property taxes-headquarters building	32,980
Rent expense-factory	26,910
Sales	2,679,810
Sales salaries expense	329,010
Supplies-factory	13,270
Miscellaneous costs-factory	8,340

Required:

Question Content Area

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

Depreciation expense-factory equipmentIndirect laborSuppliesWork in process inventory, January 1, 20Y6Work in process inventory, January 1, 20Y6			$Work in process inventory, January 1, 20Y6
Direct materials:
Materials inventory, January 1, 20Y6Rent expense-factorySupplies-factoryWork in process inventory, December 31, 20Y6Materials inventory, January 1, 20Y6	$Materials inventory, January 1, 20Y6
Indirect laborProperty taxes-headquarters buildingPurchasesWork in process inventory, December 31, 20Y6Purchases	Purchases
Cost of materials available for useSupplies-factoryWork in process inventory, January 1, 20Y6Work in process inventory, December 31, 20Y6Cost of materials available for use	$Cost of materials available for use
Indirect laborMaterials inventory, December 31, 20Y6Miscellaneous cost-factoryWork in process inventory, December 31, 20Y6Materials inventory, December 31, 20Y6	Materials inventory, December 31, 20Y6
Cost of direct materials used in productionCost of finished goods available for saleCost of goods manufacturedCost of goods soldCost of direct materials used in production		$Cost of direct materials used in production Incorrect
Depreciation expense-factory equipmentDirect laborIndirect laborSupplies-factoryDirect labor		Direct labor
Factory overhead:
Indirect laborMaterials inventory, January 1, 20Y6PurchasesSales	$- Select -
Depreciation expense-factory equipmentDepreciation expense-office equipmentDirect laborPurchases	- Select -
Direct laborHeat, light, and power-factoryMaterials inventory, January 1, 20Y6Work in process inventory, December 31, 20Y6	- Select -
Cost of materials available for useDirect laborProperty taxes-factoryProperty taxes-headquarters building	- Select -
PurchasesRent expense-factoryRent expense-headquarters buildingSales salaries expense	- Select -
Cost of goods soldDirect laborPurchasesSupplies-factory	- Select -
Advertising expenseCost of materials available for useDirect materialsMiscellaneous costs-factory	- Select -
Total factory overhead		fill in the blank 636233035f88fcf_29
Total manufacturing costs incurred in 20Y6			fill in the blank 636233035f88fcf_30
Total manufacturing costs			$fill in the blank 636233035f88fcf_31
Cost of materials available for useDirect materialsMaterials inventory, December 31, 20Y6Work in process inventory, December 31, 20Y6			- Select -
Cost of goods manufactured			$fill in the blank 636233035f88fcf_34

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Feedback

1. The cost of goods manufactured is the beginning work in process plus the cost of direct materials used in production plus direct labor and factory overhead, less the ending work in process.

Question Content Area

2. Prepare the 20Y6 income statement.

Cost of goods soldGross profitIndirect laborSales			$- Select -
Cost of good sold:
Advertising expenseFinished goods inventory, January 1, 20Y6Finished goods inventory, December 31, 20Y6Sales		$- Select -
Cost of direct materials used in productionCost of finished goods available for saleCost of goods manufacturedCost of goods sold		- Select -
Cost of direct materials used in productionCost of finished goods available for saleCost of goods soldCost of materials available for use		$- Select -
Depreciation expense-office equipmentFinished goods inventory, December 31, 20Y6Net lossPlus finished goods inventory, December 1, 20Y6		- Select -
Cost of direct materials used in productionCost of finished goods available for saleCost of goods soldCost of materials available for use			- Select -
Cost of goods soldGross profitProperty taxes-headquarters buildingSales			$- Select -
Operating expenses:
Administrative expenses:
Cost of goods soldOffice salaries expenseSalesSales salaries expense	$- Select -
Advertising expenseDepreciation expense-factory equipmentDepreciation expense-office equipmentGross profit	- Select -
Cost of goods soldProperty taxes-factoryProperty taxes-headquarters buildingSales	- Select -	$- Select -
Selling expenses:
Advertising expenseCost of goods soldOffice salaries expenseSales	$- Select -
Direct laborOffice salaries expenseSalesSales salaries expense	- Select -	- Select -
Total operating expenses			fill in the blank 49931afdc013f8e_27
Net incomeNet loss			$- Select -