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

Inventories	January 1	December 31
Materials	$361,910	$445,150
Work in process	651,440	605,400
Finished goods	626,100	618,760
Advertising expense		$302,260
Depreciation expense-office equipment		42,730
Depreciation expense-factory equipment		57,420
Direct labor		685,530
Heat, light, and power-factory		22,700
Indirect labor		80,130
Materials purchased		672,180
Office salaries expense		234,590
Property taxes-factory		18,700
Property taxes-headquarters building		38,730
Rent expense-factory		31,610
Sales		3,147,210
Sales salaries expense		386,390
Supplies-factory		15,580
Miscellaneous costs-factory		9,790

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, 20Y6			$- Select -
Direct materials:
Materials inventory, January 1, 20Y6Rent expense-factorySupplies-factoryWork in process, December 31, 20Y6	$- Select -
Indirect laborProperty taxes-headquarters buildingPurchasesWork in process, December 31, 20Y6	- Select -
Cost of materials available for useSupplies-factoryWork in process inventory, January 1, 20Y6Work in process, December 31, 20Y6	$- Select -
Less indirect laborLess materials inventory, December 31, 20Y6Less miscellaneous cost-factoryLess work in process, December 31, 20Y6	- Select -
Cost of direct materials usedCost of finished goods available for saleCost of goods manufacturedCost of goods sold		$- Select -
Depreciation expense-factory equipmentDirect laborIndirect laborSupplies-factory		- Select -
Factory overhead:
Indirect laborMaterials inventory, January 1, 20Y6PurchasesSales	$- Select -
Depreciation expense-factory equipmentDepreciation expense-office equipmentDirect laborPurchases	- Select -
Direct laborHeat, light, and power-factoryMaterials inventory, January 1, 20Y6Work in process inventory, December 31, 20Y6	- Select -
Cost of materials available for useDirect laborProperty taxes-factoryProperty taxes-headquarters building	- Select -
PurchasesRent expense-factoryRent expense-headquarters buildingSales salaries expense	- Select -
Cost of goods soldDirect laborPurchasesSupplies-factory	- Select -
Advertising expenseCost of materials available for useDirect materialsMiscellaneous costs-factory	- Select -
Total factory overhead		fill in the blank 91eb55f46fadfde_29
Total manufacturing costs incurred			fill in the blank 91eb55f46fadfde_30
Total manufacturing costs			$fill in the blank 91eb55f46fadfde_31
Less cost of materials available for useLess direct materialsLess materials inventory, December 31, 20Y6Less work in process inventory, December 31, 20Y6			- Select -
Cost of goods manufactured			$fill in the blank 91eb55f46fadfde_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 laborSales			$- Select -
Cost of goods sold:
Advertising expenseFinished goods inventory, January 1, 20Y6Finished goods inventory, December 31, 20Y6Sales		$- Select -
Cost of direct materials usedCost of finished goods available for saleCost of goods manufacturedCost of goods sold		- Select -
Cost of direct materials usedCost of finished goods available for saleCost of goods soldCost of materials available for use		$- Select -
Depreciation expense-office equipmentLess finished goods inventory, December 31, 20Y6Net lossPlus finished goods inventory, December 1, 20Y6		- Select -
Cost of direct materials usedCost of finished goods available for saleCost of goods soldCost of materials available for use			- Select -
Cost of goods soldGross profitProperty taxes-headquarters buildingSales			$- Select -
Operating expenses:
Administrative expenses:
Cost of goods soldOffice salaries expenseSalesSales salaries expense	$- Select -
Advertising expenseDepreciation expense-factory equipmentDepreciation expense-office equipmentGross profit	- Select -
Cost of goods soldProperty taxes-factoryProperty taxes-headquarters buildingSales	- Select -	$- Select -
Selling expenses:
Advertising expenseCost of goods soldOffice salaries expenseSales	$- Select -
Direct laborOffice salaries expenseSalesSales salaries expense	- Select -	- Select -
Total operating expenses			fill in the blank 8dad73f36041fd2_27
Net incomeNet loss			$- Select -