Please do not give solution in image format thanku Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing CompanyThe following information is available for Shanika Company for 20Y6:January December 31$77,350109,200113,750InventoriesMaterialsWork in processFinished goodsAdvertising expenseDepreciation expense-office equipmentDepreciation expense-factory equipmentDirect laborHeat, light, and power-factoryIndirect laborMaterials purchasedOffice salaries expenseProperty taxes-factoryProperty taxes-headquarters buildingRent expense-factorySalesSales salaries expense$95,55096,200100,100Supplies-factoryMiscellaneous costs-factoryRequired:$68,25022,75014,560186,5505,85023,660123,50077,3504,09513,6506,825864,500136,5003,2504,420 Required:1. Prepare the 20Y6 statement of cost of goods manufactured.Shanika CompanyStatement of Cost of Goods ManufacturedFor the Year Ended December 31, 20Y6Direct materials:Factory overhead:Total factory overheadTotal manufacturing costs incurred in 2016Total manufacturing costs2. Prepare the 20Y6 income statement.Shanika CompanyIncome StatementFor the Year Ended December 31, 20Y6Cost of good sold:Operating expenses:Administrative expenses:Selling expenses:Total operating expenses00

Total Manufacturing Cost :— It is the sum of direct material used, direct labour costs and factory…

Required: 1. Prepare the 20Y6 statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y6 Direct materials: Factory overhead: Total factory overhead Total manufacturing costs incurred in 2016 Total manufacturing costs 2. Prepare the 20Y6 income statement. Shanika Company Income Statement For the Year Ended December 31, 20Y6 Cost of good sold: Operating expenses: Administrative expenses: Selling expenses: Total operating expenses 0000 00 00

Required: 1. Prepare the 20Y6 statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y6 Direct materials: Factory overhead: Total factory overhead Total manufacturing costs incurred in 2016 Total manufacturing costs 2. Prepare the 20Y6 income statement. Shanika Company Income Statement For the Year Ended December 31, 20Y6 Cost of good sold: Operating expenses: Administrative expenses: Selling expenses: Total operating expenses 0000 00 00

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 5PB: Statement of cost of goods manufactured and income statement for a manufacturing company The...

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Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Shanika Company for 20Y6: Instructions 1. Prepare the 20Y6 statement of cost of goods manufactured. 2. Prepare the 20Y6 income statement.
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