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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
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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 $317,850 $394,130 Work in process 572,130 536,020 Finished goods 549,880 547,840
Advertising expense $267,610 Depreciation expense-office equipment 37,840 Depreciation expense-factory equipment 50,840 Direct labor 606,960 Heat, light, and power-factory 20,100 Indirect labor 70,940 Materials purchased 595,140 Office salaries expense 207,710 Property taxes-factory 16,550 Property taxes-headquarters building 34,290 Rent expense-factory 27,980 Sales 2,786,500 Sales salaries expense 342,100 Supplies-factory 13,790 Miscellaneous costs-factory 8,670
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 - Depreciation expense-factory equipment
- Indirect labor
- Supplies
- Work in process inventory, January 1, 20Y6
$ Direct materials: - Materials inventory, January 1, 20Y6
- Rent expense-factory
- Supplies-factory
- Work in process inventory, December 31, 20Y6
$ - Indirect labor
- Property taxes-headquarters building
- Purchases
- Work in process inventory, December 31, 20Y6
- Cost of materials available for use
- Supplies-factory
- Work in process inventory, January 1, 20Y6
- Work in process inventory, December 31, 20Y6
$ - Indirect labor
- Materials inventory, December 31, 20Y6
- Miscellaneous cost-factory
- Work in process inventory, December 31, 20Y6
- Cost of direct materials used in production
- Cost of finished goods available for sale
- Cost of goods manufactured
- Cost of goods sold
$ - Depreciation expense-factory equipment
- Direct labor
- Indirect labor
- Supplies-factory
Factory overhead: - Indirect labor
- Materials inventory, January 1, 20Y6
- Purchases
- Sales
$ - Depreciation expense-factory equipment
- Depreciation expense-office equipment
- Direct labor
- Purchases
- Direct labor
- Heat, light, and power-factory
- Materials inventory, January 1, 20Y6
- Work in process inventory, December 31, 20Y6
- Cost of materials available for use
- Direct labor
- Property taxes-factory
- Property taxes-headquarters building
- Purchases
- Rent expense-factory
- Rent expense-headquarters building
- Sales salaries expense
- Cost of goods sold
- Direct labor
- Purchases
- Supplies-factory
- Advertising expense
- Cost of materials available for use
- Direct materials
- Miscellaneous costs-factory
Total factory overhead Total manufacturing costs incurred in 20Y6 Total manufacturing costs $ - Cost of materials available for use
- Direct materials
- Materials inventory, December 31, 20Y6
- Work in process inventory, December 31, 20Y6
Cost of goods manufactured $
Feedback
2. Prepare the 20Y6 income statement.
Shanika Company Income Statement For the Year Ended December 31, 20Y6 - Cost of goods sold
- Gross profit
- Indirect labor
- Sales
$ Cost of good sold: - Advertising expense
- Finished goods inventory, January 1, 20Y6
- Finished goods inventory, December 31, 20Y6
- Sales
$ - Cost of direct materials used in production
- Cost of finished goods available for sale
- Cost of goods manufactured
- Cost of goods sold
- Cost of direct materials used in production
- Cost of finished goods available for sale
- Cost of goods sold
- Cost of materials available for use
$ - Depreciation expense-office equipment
- Finished goods inventory, December 31, 20Y6
- Net loss
- Plus finished goods inventory, December 1, 20Y6
- Cost of direct materials used in production
- Cost of finished goods available for sale
- Cost of goods sold
- Cost of materials available for use
- Cost of goods sold
- Gross profit
- Property taxes-headquarters building
- Sales
$ Operating expenses: Administrative expenses: - Cost of goods sold
- Office salaries expense
- Sales
- Sales salaries expense
$ - Advertising expense
- Depreciation expense-factory equipment
- Depreciation expense-office equipment
- Gross profit
- Cost of goods sold
- Property taxes-factory
- Property taxes-headquarters building
- Sales
$ Selling expenses: - Advertising expense
- Cost of goods sold
- Office salaries expense
- Sales
$ - Direct labor
- Office salaries expense
- Sales
- Sales salaries expense
Total operating expenses - Net income
- Net loss
$
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 | $317,850 | $394,130 | ||
Work in process | 572,130 | 536,020 | ||
Finished goods | 549,880 | 547,840 |
Advertising expense | $267,610 |
Depreciation expense-office equipment | 37,840 |
Depreciation expense-factory equipment | 50,840 |
Direct labor | 606,960 |
Heat, light, and power-factory | 20,100 |
Indirect labor | 70,940 |
Materials purchased | 595,140 |
Office salaries expense | 207,710 |
Property taxes-factory | 16,550 |
Property taxes-headquarters building | 34,290 |
Rent expense-factory | 27,980 |
Sales | 2,786,500 |
Sales salaries expense | 342,100 |
Supplies-factory | 13,790 |
Miscellaneous costs-factory | 8,670 |
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 | $ |
Feedback
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 | |||
| $ |
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