PR 18-5B Statement of cost of goods manufactured and income statement for a OBJ. 2, 3 manufacturing company The following information is available for Shanika Company for 2014: December 31 Inventories Materials January 1 $ 77,350 $ 95,550 Work in process 109,200 96,200 Finished goods 113,750 100,100 $ 68,250 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment 22,750 14,560 186,550 Direct labor 5,850 Heat, light, and power-factory 23,660 Indirect labor 123,500 Materials purchased 77,350 Office salaries expense 4,095 Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales Sales salaries expense 13,650 6,825 864,500 136,500 3,250 Supplies-factory Miscellaneous costs-factory 4,420 epe e maeyea uny pa apa Instructions 1. Prepare the 2014 statement of cost of goods manufactured. 2. Prepare the 2014 income statement.
PR 18-5B Statement of cost of goods manufactured and income statement for a OBJ. 2, 3 manufacturing company The following information is available for Shanika Company for 2014: December 31 Inventories Materials January 1 $ 77,350 $ 95,550 Work in process 109,200 96,200 Finished goods 113,750 100,100 $ 68,250 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment 22,750 14,560 186,550 Direct labor 5,850 Heat, light, and power-factory 23,660 Indirect labor 123,500 Materials purchased 77,350 Office salaries expense 4,095 Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales Sales salaries expense 13,650 6,825 864,500 136,500 3,250 Supplies-factory Miscellaneous costs-factory 4,420 epe e maeyea uny pa apa Instructions 1. Prepare the 2014 statement of cost of goods manufactured. 2. Prepare the 2014 income statement.
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter14: Decentralized Operations
Section: Chapter Questions
Problem 14.3E
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