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	$77,350		$95,550
Work in process	109,200		96,200
Finished goods	113,750		100,100

Advertising expense	$68,250
Depreciation expense-office equipment	22,750
Depreciation expense-factory equipment	14,560
Direct labor	186,550
Heat, light, and power-factory	5,850
Indirect labor	23,660
Materials purchased	123,500
Office salaries expense	77,350
Property taxes-factory	4,095
Property taxes-headquarters building	13,650
Rent expense-factory	6,825
Sales	864,500
Sales salaries expense	136,500
Supplies-factory	3,250
Miscellaneous costs-factory	4,420

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			$
			$

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
			$