Statement of Cost of Goods Manufacturedand Income Statement for a Manufacturing Company

The following information is available for Shanika Company for 20Y6:

InventoriesJanuary 1December 31Materials$384,650$484,660Work in process692,370659,140Finished goods665,440673,680

Advertising expense$329,080Depreciation expense-office equipment46,530Depreciation expense-factory equipment62,520Direct labor746,380Heat, light, and power-factory24,720Indirect labor87,240Materials purchased731,840Office salaries expense255,420Property taxes-factory20,360Property taxes-headquarters building42,170Rent expense-factory34,410Sales3,426,550Sales salaries expense420,680Supplies-factory16,960Miscellaneous costs-factory10,660

Required:

1.Prepare the 20Y6 statement of cost of goods manufactured.

Shanika CompanyStatement of Cost of Goods ManufacturedFor the Year Ended December 31, 20Y6

$

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Direct materials:Materials inventory, January 1, 20Y6

$

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$

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$

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Factory overhead:

$

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Total factory overheadfill in the blank 2c613800600afcf_29

Total manufacturing costs incurred in 20Y6fill in the blank 2c613800600afcf_30

Total manufacturing costs$

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Cost of goods manufactured$

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2.Prepare the 20Y6 income statement.

Shanika CompanyIncome StatementFor the Year Ended December 31, 20Y6Sales

$

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Cost of good sold:Finished goods inventory, January 1, 20Y6

$

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Cost of goods manufactured

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Cost of finished goods available for sale

$

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Finished goods inventory, December 31, 20Y6

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Cost of goods sold

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Gross profit

$

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Operating expenses:Administrative expenses:

$

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$

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Selling expenses:

$

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Total operating expensesfill in the blank b37931028002000_27

$

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