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 $316,450 $386,070 Work in process 569,610 525,060 Finished goods 547,460 536,640 Advertising expense $262,140 Depreciation expense-office equipment 37,060 Depreciation expense-factory equipment 49,800 Direct labor 594,550 Heat, light, and power-factory 19,690 Indirect labor 69,490 Materials purchased 582,970 Office salaries expense 203,460 Property taxes-factory 16,210 Property taxes-headquarters building 33,590 Rent expense-factory 27,410 Sales 2,729,510 Sales salaries expense 335,110 Supplies-factory 13,510 Miscellaneous costs-factory 8,490 Required: 1. Prepare the statement of cost of goods manufactured. 2. Prepare the income statement.
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 $316,450 $386,070 Work in process 569,610 525,060 Finished goods 547,460 536,640 Advertising expense $262,140
![](/static/compass_v2/shared-icons/check-mark.png)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
![Managerial Accounting: The Cornerstone of Busines…](https://www.bartleby.com/isbn_cover_images/9781337115773/9781337115773_smallCoverImage.gif)
![Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337912020/9781337912020_smallCoverImage.jpg)
![Financial And Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
![Managerial Accounting: The Cornerstone of Busines…](https://www.bartleby.com/isbn_cover_images/9781337115773/9781337115773_smallCoverImage.gif)
![Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337912020/9781337912020_smallCoverImage.jpg)
![Financial And Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
![Principles of Cost Accounting](https://www.bartleby.com/isbn_cover_images/9781305087408/9781305087408_smallCoverImage.gif)
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)