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 $77,350 $95,550 Work in process 109,200 96,200 Finished goods 113,750 100,100 Advertising expense $68,250 Depreciation expense-office equipment 22,750 Depreciation expense-factory equipment 14,560 Direct labor 186,550 Heat, light, and power-factory 5,850 Indirect labor 23,660 Materials purchased 123,500 Office salaries expense 77,350 Property taxes-factory 4,095 Property taxes-headquarters building 13,650 Rent expense-factory 6,825 Sales 864,500 Sales salaries expense 136,500 Supplies-factory 3,250 Miscellaneous costs-factory 4,420 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 Work in process inventory, January 1, 20Y6 $ Direct materials: $ $ $ Factory overhead: $ Total factory overhead Total manufacturing costs incurred in 20Y6 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 $
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 $77,350 $95,550 Work in process 109,200 96,200 Finished goods 113,750 100,100 Advertising expense $68,250 Depreciation expense-office equipment 22,750 Depreciation expense-factory equipment 14,560 Direct labor 186,550 Heat, light, and power-factory 5,850 Indirect labor 23,660 Materials purchased 123,500 Office salaries expense 77,350 Property taxes-factory 4,095 Property taxes-headquarters building 13,650 Rent expense-factory 6,825 Sales 864,500 Sales salaries expense 136,500 Supplies-factory 3,250 Miscellaneous costs-factory 4,420 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 Work in process inventory, January 1, 20Y6 $ Direct materials: $ $ $ Factory overhead: $ Total factory overhead Total manufacturing costs incurred in 20Y6 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 $
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:
Inventories | January 1 | December 31 | ||
Materials | $77,350 | $95,550 | ||
Work in process | 109,200 | 96,200 | ||
Finished goods | 113,750 | 100,100 |
Advertising expense | $68,250 |
22,750 | |
Depreciation expense-factory equipment | 14,560 |
Direct labor | 186,550 |
Heat, light, and power-factory | 5,850 |
Indirect labor | 23,660 |
Materials purchased | 123,500 |
Office salaries expense | 77,350 |
Property taxes-factory | 4,095 |
Property taxes-headquarters building | 13,650 |
Rent expense-factory | 6,825 |
Sales | 864,500 |
Sales salaries expense | 136,500 |
Supplies-factory | 3,250 |
Miscellaneous costs-factory | 4,420 |
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 | |||
Work in process inventory, January 1, 20Y6 | $ | ||
Direct materials: | |||
$ | |||
$ | |||
$ | |||
Factory overhead: | |||
$ | |||
Total factory overhead | |||
Total |
|||
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 | |||
$ |
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