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
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