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	$365,860	$446,350
Work in process	658,550	607,040
Finished goods	632,940	620,430
Advertising expense		$303,070
Depreciation expense-office equipment		42,850
Depreciation expense-factory equipment		57,580
Direct labor		687,380
Heat, light, and power-factory		22,760
Indirect labor		80,340
Materials purchased		673,990
Office salaries expense		235,230
Property taxes-factory		18,750
Property taxes-headquarters building		38,830
Rent expense-factory		31,690
Sales		3,155,690
Sales salaries expense		387,430
Supplies-factory		15,620
Miscellaneous costs-factory		9,820

Required:

Question Content Area

1. Prepare the statement of cost of goods manufactured.

Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y6

Depreciation expense-factory equipmentIndirect laborSuppliesWork in process inventory, January 1, 20Y6Work in process inventory, December 31, 20Y6			$- Select -
Direct materials:
Materials inventory, January 1, 20Y6Rent expense-factorySupplies-factoryWork in process inventory, January 1, 20Y6Work in process inventory, December 31, 20Y6	$- Select -
Indirect laborProperty taxes-headquarters buildingPurchasesWork in process inventory, January 1, 20Y6Work in process inventory, December 31, 20Y6	- Select -
Cost of finished goods available for saleCost of goods manufacturedCost of goods soldCost of materials available for useIndirect labor	$- Select -
Less indirect laborLess materials inventory, December 31, 20Y6Less miscellaneous cost-factoryLess work in process inventory, January 1, 20Y6Less work in process inventory, December 31, 20Y6	- Select -
Cost of direct materials usedCost of finished goods available for saleCost of goods manufacturedCost of goods soldIndirect labor		$- Select -
Depreciation expense-factory equipmentDirect laborIndirect laborMiscellaneous costs-factorySupplies-factory		- Select -
Factory overhead:
Cost of materials available for useIndirect laborMaterials inventory, January 1, 20Y6Materials inventory, December 31, 20Y6Purchases	$- Select -
Cost of materials available for useDepreciation expense-factory equipmentDepreciation expense-office equipmentDirect laborPurchases	- Select -
Direct laborHeat, light, and power-factoryMaterials inventory, January 1, 20Y6Materials inventory, December 31, 20Y6Work in process inventory, December 31, 20Y6	- Select -
Cost of materials available for useDirect laborProperty taxes-factoryProperty taxes-headquarters buildingWork in process inventory, December 31, 20Y6	- Select -
Direct laborPurchasesRent expense-factorySales salaries expenseWork in process inventory, December 31, 20Y6	- Select -
Cost of goods soldCost of materials available for useDirect laborPurchasesSupplies-factory	- Select -
Advertising expenseCost of materials available for useDirect materialsMiscellaneous costs-factoryPurchases	- Select -
Total factory overhead		fill in the blank eca6c801b079fab_29
Total manufacturing costs incurred			fill in the blank eca6c801b079fab_30
Total manufacturing costs			$fill in the blank eca6c801b079fab_31
Less cost of materials available for useLess direct materialsLess materials inventory, December 31, 20Y6Less work in process inventory, January 1, 20Y6Less work in process inventory, December 31, 20Y6			- Select -
Cost of goods manufactured			$fill in the blank eca6c801b079fab_34

Question Content Area

2. Prepare the income statement.

Shanika Company Income Statement For the Year Ended December 31, 20Y6

Cost of goods soldGross profitIndirect laborOffice salaries expenseSales			$- Select -
Cost of goods sold:
Advertising expenseFinished goods inventory, January 1, 20Y6Gross profitOffice salaries expenseSales		$- Select -
Cost of direct materials usedCost of finished goods available for saleCost of goods manufacturedCost of materials available for useOffice salaries expense		- Select -
Cost of direct materials usedCost of finished goods available for saleCost of goods soldCost of materials available for useOffice salaries expense		$- Select -
Less advertising expenseLess depreciation expense-office equipmentLess finished goods inventory, December 1, 20Y6Less finished goods inventory, December 31, 20Y6Less purchases		- Select -
Cost of direct materials usedCost of goods manufacturedCost of goods soldCost of materials available for useSales salaries expense			- Select -
Cost of goods soldGross profitProperty taxes-headquarters buildingSalesSales salaries expense			$- Select -
Operating expenses:
Administrative expenses:
Cost of goods manufacturedCost of goods soldOffice salaries expenseSalesSales salaries expense	$- Select -
Advertising expenseCost of goods manufacturedCost of goods soldDepreciation expense-office equipmentGross profit	- Select -
Cost of goods soldCost of goods manufacturedGross profitProperty taxes-headquarters buildingSales	- Select -	$- Select -
Selling expenses:
Advertising expenseCost of goods soldCost of goods manufacturedOffice salaries expenseSales	$- Select -
Cost of goods manufacturedGross profitOffice salaries expenseSalesSales salaries expense	- Select -	- Select -
Total operating expenses			fill in the blank 348e99007026043_27
Net incomeNet loss			$- Select -