Question
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.
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.
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 - |
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