Statement of Cost of Goods Manufactured and Income Statement for
a Manufacturing Company
The following information is...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Statement of Cost of Goods Manufactured and Income Statement fora Manufacturing Company
The following information is available for Shanika Company for20Y6:
Inventories
January 1
December 31
Materials
$212,250
$267,440
Work in process
382,050
363,720
Finished goods
367,190
371,740
Advertising expense
$181,590
Depreciation expense-office equipment
25,670
Depreciation expense-factory equipment
34,500
Direct labor
411,860
Heat, light, and power-factory
13,640
Indirect labor
48,140
Materials purchased
403,830
Office salaries expense
140,940
Property taxes-factory
11,230
Property taxes-headquarters building
23,270
Rent expense-factory
18,990
Sales
1,890,800
Sales salaries expense
232,140
Supplies-factory
9,360
Miscellaneous costs-factory
5,880
Required:
1. Prepare the statement of cost of goodsmanufactured.
Shanika Company
Statement of Cost of Goods Manufactured
For the Year Ended December 31, 20Y6
$fill in the blank 7e5f500ad068063_2
Direct materials:
$fill in the blank 7e5f500ad068063_4
fill in the blank 7e5f500ad068063_6
$fill in the blank 7e5f500ad068063_8
fill in the blank 7e5f500ad068063_10
$fill in the blank 7e5f500ad068063_12
fill in the blank 7e5f500ad068063_14
Factory overhead:
$fill in the blank 7e5f500ad068063_16
fill in the blank 7e5f500ad068063_18
fill in the blank 7e5f500ad068063_20
fill in the blank 7e5f500ad068063_22
fill in the blank 7e5f500ad068063_24
fill in the blank 7e5f500ad068063_26
fill in the blank 7e5f500ad068063_28
Total factory overhead
fill in the blank 7e5f500ad068063_29
Total manufacturing costs incurred
fill in the blank 7e5f500ad068063_30
Total manufacturing costs
$fill in the blank 7e5f500ad068063_31
fill in the blank 7e5f500ad068063_33
Cost of goods manufactured
$fill in the blank 7e5f500ad068063_34
2. Prepare the income statement.
Shanika Company
Income Statement
For the Year Ended December 31, 20Y6
$fill in the blank 16f120f76026010_2
Cost of goods sold:
$fill in the blank 16f120f76026010_4
fill in the blank 16f120f76026010_6
$fill in the blank 16f120f76026010_8
fill in the blank 16f120f76026010_10
fill in the blank 16f120f76026010_12
$fill in the blank 16f120f76026010_14
Operating expenses:
Administrative expenses:
$fill in the blank 16f120f76026010_16
fill in the blank 16f120f76026010_18
fill in the blank 16f120f76026010_20
$fill in the blank 16f120f76026010_21
Selling expenses:
$fill in the blank 16f120f76026010_23
fill in the blank 16f120f76026010_25
fill in the blank 16f120f76026010_26
Total operating expenses
fill in the blank 16f120f76026010_27
$fill in the blank 16f120f76026010_29
Answer & Explanation
Solved by verified expert
3.8 Ratings (379 Votes)
1 SHANIKA COMPANY Statement of Cost of Goods Manufactured For the Year Ended December 31 20Y6 Work in process inventory January 1 20Y6 382050 Direct materials Materials inventory January 1 20Y6 212250 Purchases 403830 Cost of materials available for use 616080 Less materials inventory
See Answer
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
