Statement of Cost of Goods Manufactured and Income Statement for a…

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Question Answered step-by-step Statement of Cost of Goods Manufactured and Income Statement for a… Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing CompanyThe following information is available for Shanika Company for 20Y6:InventoriesJanuary 1December 31Materials$395,160$497,900Work in process711,290677,140Finished goods683,630692,080   Advertising expense $338,070Depreciation expense-office equipment 47,800Depreciation expense-factory equipment 64,230Direct labor 766,770Heat, light, and power-factory 25,390Indirect labor 89,620Materials purchased 751,830Office salaries expense 262,390Property taxes-factory 20,910Property taxes-headquarters building 43,320Rent expense-factory 35,350Sales 3,520,150Sales salaries expense 432,180Supplies-factory 17,430Miscellaneous costs-factory 10,950Required:Question Content Area 1.  Prepare the statement of cost of goods manufactured.Depreciation expense-factory equipmentIndirect laborSuppliesWork in process inventory, January 1, 20Y6Work in process inventory, December 31, 20Y6  $- Select -Direct materials:   Materials inventory, January 1, 20Y6Rent expense-factorySupplies-factoryWork in process inventory, January 1, 20Y6Work in process inventory, December 31, 20Y6$- Select –  Indirect laborProperty taxes-headquarters buildingPurchasesWork in process inventory, January 1, 20Y6Work in process inventory, December 31, 20Y6- Select –  Cost of finished goods available for saleCost of goods manufacturedCost of goods soldCost of materials available for useIndirect labor$- Select –  Less indirect laborLess materials inventory, December 31, 20Y6Less miscellaneous cost-factoryLess work in process inventory, January 1, 20Y6Less work in process inventory, December 31, 20Y6- Select –  Cost of direct materials usedCost of finished goods available for saleCost of goods manufacturedCost of goods soldIndirect labor $- Select – Depreciation expense-factory equipmentDirect laborIndirect laborMiscellaneous costs-factorySupplies-factory – Select – Factory overhead:   Cost of materials available for useIndirect laborMaterials inventory, January 1, 20Y6Materials inventory, December 31, 20Y6Purchases$- Select –  Cost of materials available for useDepreciation expense-factory equipmentDepreciation expense-office equipmentDirect laborPurchases- Select –  Direct laborHeat, light, and power-factoryMaterials inventory, January 1, 20Y6Materials inventory, December 31, 20Y6Work in process inventory, December 31, 20Y6- Select –  Cost of materials available for useDirect laborProperty taxes-factoryProperty taxes-headquarters buildingWork in process inventory, December 31, 20Y6- Select –  Direct laborPurchasesRent expense-factorySales salaries expenseWork in process inventory, December 31, 20Y6- Select –  Cost of goods soldCost of materials available for useDirect laborPurchasesSupplies-factory- Select –  Advertising expenseCost of materials available for useDirect materialsMiscellaneous costs-factoryPurchases- Select –  Total factory overhead fill in the blank 2c49adfab05106e_29 Total manufacturing costs incurred  fill in the blank 2c49adfab05106e_30Total manufacturing costs  $fill in the blank 2c49adfab05106e_31Less cost of materials available for useLess direct materialsLess materials inventory, December 31, 20Y6Less work in process inventory, January 1, 20Y6Less work in process inventory, December 31, 20Y6  – Select -Cost of goods manufactured  $fill in the blank 2c49adfab05106e_34 Question Content Area 2.  Prepare the income statement.Cost of goods soldGross profitIndirect laborOffice salaries expenseSales  $- Select -Cost of goods sold:   Advertising expenseFinished goods inventory, January 1, 20Y6Gross profitOffice salaries expenseSales $- Select – Cost of direct materials usedCost of finished goods available for saleCost of goods manufacturedCost of materials available for useOffice salaries expense – Select – Cost of direct materials usedCost of finished goods available for saleCost of goods soldCost of materials available for useOffice salaries expense $- Select – Less advertising expenseLess depreciation expense-office equipmentLess finished goods inventory, December 1, 20Y6Less finished goods inventory, December 31, 20Y6Less purchases – Select – Cost of direct materials usedCost of goods manufacturedCost of goods soldCost of materials available for useSales salaries expense  – Select -Cost of goods soldGross profitProperty taxes-headquarters buildingSalesSales salaries expense  $- Select -Operating expenses:   Administrative expenses:   Cost of goods manufacturedCost of goods soldOffice salaries expenseSalesSales salaries expense$- Select –  Advertising expenseCost of goods manufacturedCost of goods soldDepreciation expense-office equipmentGross profit- Select –  Cost of goods soldCost of goods manufacturedGross profitProperty taxes-headquarters buildingSales- Select -$- Select – Selling expenses:   Advertising expenseCost of goods soldCost of goods manufacturedOffice salaries expenseSales$- Select –  Cost of goods manufacturedGross profitOffice salaries expenseSalesSales salaries expense- Select — Select – Total operating expenses  fill in the blank 7c91b4f96035f96_27Net incomeNet loss  $- Select –  Accounting Business Financial Accounting ACCT 51202 Share QuestionEmailCopy link Comments (0)