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	$293,460	$363,890
Work in process	528,230	494,890
Finished goods	507,690	505,810
Advertising expense		$247,080
Depreciation expense-office equipment		34,930
Depreciation expense-factory equipment		46,940
Direct labor		560,390
Heat, light, and power-factory		18,560
Indirect labor		65,500
Materials purchased		549,470
Office salaries expense		191,770
Property taxes-factory		15,280
Property taxes-headquarters building		31,660
Rent expense-factory		25,840
Sales		2,572,700
Sales salaries expense		315,860
Supplies-factory		12,740
Miscellaneous costs-factory		8,010

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
			$fill in the blank
Direct materials:
	$fill in the blank
	fill in the blank
	$fill in the blank
	fill in the blank
		$fill in the blank
		fill in the blank
Factory overhead:
	$fill in the blank
	fill in the blank
	fill in the blank
	fill in the blank
	fill in the blank
	fill in the blank
	fill in the blank
Total factory overhead		fill in the blank
Total manufacturing costs incurred			fill in the blank
Total manufacturing costs			$fill in the blank
			fill in the blank
Cost of goods manufactured			$fill in the blank

2. Prepare the income statement.

Shanika Company
Income Statement
For the Year Ended December 31, 20Y6
			$fill in the blank
Cost of goods sold:
		$fill in the blank
		fill in the blank
		$fill in the blank
		fill in the blank
			fill in the blank
			$fill in the blank
Operating expenses:
Administrative expenses:
	$fill in the blank
	fill in the blank
	fill in the blank	$fill in the blank
Selling expenses:
	$fill in the blank
	fill in the blank	fill in the blank
Total operating expenses			fill in the blank
			$fill in the blank