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 -