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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

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

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