The following information is available for Shanika Company for 2016:

Inventories	January 1	December 31
Materials	$ 77,350	$ 95,550
Work in process	109,200	96,200
Finished goods	113,750	100,100

	December 31
Advertising expense	$ 68,250
Depreciation expense-office equipment	22,750
Depreciation expense-factory equipment	14,560
Direct labor	186,550
Heat, light, and power-factory	5,850
Indirect labor	23,660
Materials purchased	123,500
Office salaries expense	77,350
Property taxes-factory	4,095
Property taxes-headquarters building	13,650
Rent expense-factory	6,825
Sales	864,500
Sales salaries expense	136,500
Supplies-factory	3,250
Miscellaneous costs-factory	4,420

Required:

A.

Prepare the 2016 statement of cost of goods manufactured.*

B.

Prepare the 2016 income statement.*

* Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Less or Plus will automatically appear if it is required. Enter all amounts as positive number

The following information is available for Shanika Company for 2016:

Inventories	January 1	December 31
Materials	$ 77,350	$ 95,550
Work in process	109,200	96,200
Finished goods	113,750	100,100

	December 31
Advertising expense	$ 68,250
Depreciation expense-office equipment	22,750
Depreciation expense-factory equipment	14,560
Direct labor	186,550
Heat, light, and power-factory	5,850
Indirect labor	23,660
Materials purchased	123,500
Office salaries expense	77,350
Property taxes-factory	4,095
Property taxes-headquarters building	13,650
Rent expense-factory	6,825
Sales	864,500
Sales salaries expense	136,500
Supplies-factory	3,250
Miscellaneous costs-factory	4,420

Required:

A.

Prepare the 2016 statement of cost of goods manufactured.*

B.

Prepare the 2016 income statement.*

* Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Less or Plus will automatically appear if it is required. Enter all amounts as positive numbers.

A. Prepare the 2016 statement of cost of goods manufactured. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Less or Plus will automatically appear if it is required. Enter all amounts as positive numbers.

SHANIKA COMPANY

Statement of Cost of Goods Manufactured

For the Year Ended December 31, 2016

1
2	Direct materials:
3
4
5
6
7
8
9	Factory overhead:
10
11
12
13
14
15
16
17	Total factory overhead
18
19	Total manufacturing costs
20
21

B. Prepare the 2016 income statement. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Less or Plus will automatically appear if it is required. Enter all amounts as positive numbers.

SHANIKA COMPANY

Income Statement

For the Year Ended December 31, 2016

1
2	Cost of goods sold:
3
4
5
6
7
8
9	Operating expenses:
10	Administrative expenses:
11
12
13
14	Selling expenses:
15
16
17
18