tatement 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	$340,460	$422,170
Work in process	612,830	574,150
Finished goods	589,000	586,820
Advertising expense		$286,650
Depreciation expense-office equipment		40,530
Depreciation expense-factory equipment		54,460
Direct labor		650,140
Heat, light, and power-factory		21,530
Indirect labor		75,990
Materials purchased		637,480
Office salaries expense		222,480
Property taxes-factory		17,730
Property taxes-headquarters building		36,730
Rent expense-factory		29,970
Sales		2,984,740
Sales salaries expense		366,440
Supplies-factory		14,780
Miscellaneous costs-factory		9,290

Required:

1. Prepare the 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
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 good sold:
		$
		$
			$
Operating expenses:
Administrative expenses:
	$
		$
Selling expenses:
	$
Total operating expenses
			$