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	$298,650	$373,310
Work in process	537,570	507,700
Finished goods	516,660	518,900
Advertising expense		$253,480
Depreciation expense-office equipment		35,840
Depreciation expense-factory equipment		48,160
Direct labor		574,900
Heat, light, and power-factory		19,040
Indirect labor		67,200
Materials purchased		563,700
Office salaries expense		196,730
Property taxes-factory		15,680
Property taxes-headquarters building		32,480
Rent expense-factory		26,510
Sales		2,639,300
Sales salaries expense		324,030
Supplies-factory		13,070
Miscellaneous costs-factory		8,210

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