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 $197,590 $241,060 Work in process 355,660 327,840 Finished goods 341,830 335,070 Advertising expense $163,680 Depreciation expense-office equipment 23,140 Depreciation expense-factory equipment 31,100 Direct labor 371,230 Heat, light, and power-factory 12,290 Indirect labor 43,390 Materials purchased 364,000 Office salaries expense 127,040 Property taxes-factory 10,120 Property taxes-headquarters building 20,970 Rent expense-factory 17,120 Sales 1,704,290 Sales salaries expense 209,240 Supplies-factory 8,440 Miscellaneous costs-factory 5,300 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 Work in process inventory, January 1, 20Y6 $ Direct materials: $ $ $ Factory overhead: $ Total factory overhead Total manufacturing costs incurred in 20Y6 Total manufacturing costs $ Cost of goods manufactured $ 2. Prepare the 20Y6 income statement. Shanika Company Income Statement For the Year Ended December 31, 20Y6 $ Cost of good sold: Finished goods inventory, December 31, 20Y6 $ $ $ Operating expenses: Administrative expenses: $ $ Selling expenses: $ Total operating expenses $ Check My Work

1. 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
   Work in process inventory, January 1, 20Y6			$
   Direct materials:
   	$
   	$
   		$
   Factory overhead:
   	$
   Total factory overhead
   Total manufacturing costs incurred in 20Y6
   Total manufacturing costs			$
   Cost of goods manufactured			$

   2. Prepare the 20Y6 income statement.

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

Check My Work