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Question - Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company - The following information is available for Shanika Company for 20Y6:
Inventories
January 1
December 31
Materials
$395,160
$497,900
Work in process
711,290
677,140
Finished goods
683,630
692,080
Advertising expense
$338,070
Depreciation expense-office equipment
47,800
Depreciation expense-factory equipment
64,230
Direct labor
766,770
Heat, light, and power-factory
25,390
Indirect labor
89,620
Materials purchased
751,830
Office salaries expense
262,390
Property taxes-factory
20,910
Property taxes-headquarters building
43,320
Rent expense-factory
35,350
Sales
3,520,150
Sales salaries expense
432,180
Supplies-factory
17,430
Miscellaneous costs-factory
10,950
Required -
1. Prepare the statement of cost of goods manufactured.
2. Prepare the income statement.
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