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	$348,960	$432,710
Work in process	628,130	588,490
Finished goods	603,700	601,470
Advertising expense		$293,810
Depreciation expense-office equipment		41,540
Depreciation expense-factory equipment		55,820
Direct labor		666,370
Heat, light, and power-factory		22,070
Indirect labor		77,890
Materials purchased		653,390
Office salaries expense		228,040
Property taxes-factory		18,170
Property taxes-headquarters building		37,650
Rent expense-factory		30,720
Sales		3,059,260
Sales salaries expense		375,590
Supplies-factory		15,140
Miscellaneous costs-factory		9,520

Required:

1. Prepare the 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
Total manufacturing costs			$
Cost of goods manufactured			$

2. Prepare the 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