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	$344,300	$420,050
Work in process	619,740	571,270
Finished goods	595,640	583,870
Advertising expense		$285,210
Depreciation expense-office equipment		40,320
Depreciation expense-factory equipment		54,190
Direct labor		646,880
Heat, light, and power-factory		21,420
Indirect labor		75,610
Materials purchased		634,280
Office salaries expense		221,370
Property taxes-factory		17,640
Property taxes-headquarters building		36,540
Rent expense-factory		29,820
Sales		2,969,750
Sales salaries expense		364,600
Supplies-factory		14,700
Miscellaneous costs-factory		9,240

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
Total manufacturing costs			$
Cost of goods manufactured			$

2. Prepare the income statement.

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