Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $270,850 $333,150 Work in process 487,530 453,080 Finished goods

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

Inventories January 1 December 31
Materials $270,850 $333,150
Work in process 487,530 453,080
Finished goods 468,570 463,080
Advertising expense $226,210
Depreciation expense-office equipment 31,980
Depreciation expense-factory equipment 42,980
Direct labor 513,050
Heat, light, and power-factory 16,990
Indirect labor 59,970
Materials purchased 503,060
Office salaries expense 175,570
Property taxes-factory 13,990
Property taxes-headquarters building 28,980
Rent expense-factory 23,650
Sales 2,355,370
Sales salaries expense 289,170
Supplies-factory 11,660
Miscellaneous costs-factory 7,330

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, 20Y6Work in process inventory, December 31, 20Y6

$- Select -
Direct materials:

Materials inventory, January 1, 20Y6Rent expense-factorySupplies-factoryWork in process inventory, January 1, 20Y6Work in process inventory, December 31, 20Y6

$- Select -

Indirect laborProperty taxes-headquarters buildingPurchasesWork in process inventory, January 1, 20Y6Work in process inventory, December 31, 20Y6

- Select -

Cost of finished goods available for saleCost of goods manufacturedCost of goods soldCost of materials available for useIndirect labor

$- Select -

Less indirect laborLess materials inventory, December 31, 20Y6Less miscellaneous cost-factoryLess work in process inventory, January 1, 20Y6Less work in process inventory, December 31, 20Y6

- Select -

Cost of direct materials usedCost of finished goods available for saleCost of goods manufacturedCost of goods soldIndirect labor

$- Select -

Depreciation expense-factory equipmentDirect laborIndirect laborMiscellaneous costs-factorySupplies-factory

- Select -
Factory overhead:

Cost of materials available for useIndirect laborMaterials inventory, January 1, 20Y6Materials inventory, December 31, 20Y6Purchases

$- Select -

Cost of materials available for useDepreciation expense-factory equipmentDepreciation expense-office equipmentDirect laborPurchases

- Select -

Direct laborHeat, light, and power-factoryMaterials inventory, January 1, 20Y6Materials inventory, December 31, 20Y6Work in process inventory, December 31, 20Y6

- Select -

Cost of materials available for useDirect laborProperty taxes-factoryProperty taxes-headquarters buildingWork in process inventory, December 31, 20Y6

- Select -

Direct laborPurchasesRent expense-factorySales salaries expenseWork in process inventory, December 31, 20Y6

- Select -

Cost of goods soldCost of materials available for useDirect laborPurchasesSupplies-factory

- Select -

Advertising expenseCost of materials available for useDirect materialsMiscellaneous costs-factoryPurchases

- Select -
Total factory overhead fill in the blank d3e2f6fdcff7ff2_29
Total manufacturing costs incurred fill in the blank d3e2f6fdcff7ff2_30
Total manufacturing costs $fill in the blank d3e2f6fdcff7ff2_31

Less cost of materials available for useLess direct materialsLess materials inventory, December 31, 20Y6Less work in process inventory, January 1, 20Y6Less work in process inventory, December 31, 20Y6

- Select -
Cost of goods manufactured $fill in the blank d3e2f6fdcff7ff2_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 laborOffice salaries expenseSales

$- Select -
Cost of goods sold:

Advertising expenseFinished goods inventory, January 1, 20Y6Gross profitOffice salaries expenseSales

$- Select -

Cost of direct materials usedCost of finished goods available for saleCost of goods manufacturedCost of materials available for useOffice salaries expense

- Select -

Cost of direct materials usedCost of finished goods available for saleCost of goods soldCost of materials available for useOffice salaries expense

$- Select -

Less advertising expenseLess depreciation expense-office equipmentLess finished goods inventory, December 1, 20Y6Less finished goods inventory, December 31, 20Y6Less purchases

- Select -

Cost of direct materials usedCost of goods manufacturedCost of goods soldCost of materials available for useSales salaries expense

- Select -

Cost of goods soldGross profitProperty taxes-headquarters buildingSalesSales salaries expense

$- Select -
Operating expenses:
Administrative expenses:

Cost of goods manufacturedCost of goods soldOffice salaries expenseSalesSales salaries expense

$- Select -

Advertising expenseCost of goods manufacturedCost of goods soldDepreciation expense-office equipmentGross profit

- Select -

Cost of goods soldCost of goods manufacturedGross profitProperty taxes-headquarters buildingSales

- Select - $- Select -
Selling expenses:

Advertising expenseCost of goods soldCost of goods manufacturedOffice salaries expenseSales

$- Select -

Cost of goods manufacturedGross profitOffice salaries expenseSalesSales salaries expense

- Select - - Select -
Total operating expenses fill in the blank f4328801000a024_27

Net incomeNet loss

$- Select -

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions