15 Feb The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $244,030 $302,600 Work in process 439,250 411,540 Finished

The following information is available for Shanika Company for 20Y6:
Inventories January 1 December 31
Materials $244,030 $302,600
Work in process 439,250 411,540
Finished goods 422,170 420,610

Advertising expense $205,470
Depreciation expense-office equipment 29,050
Depreciation expense-factory equipment 39,040
Direct labor 466,000
Heat, light, and power-factory 15,430
Indirect labor 54,470
Materials purchased 456,930
Office salaries expense 159,470
Property taxes-factory 12,710
Property taxes-headquarters building 26,330
Rent expense-factory 21,480
Sales 2,139,380
Sales salaries expense 262,660
Supplies-factory 10,590
Miscellaneous costs-factory 6,660
Required:
Question Content Area
1. Prepare the 20Y6 statement of cost of goods manufactured.
Depreciation expense-factory equipmentIndirect laborSuppliesWork in process inventory, January 1, 20Y6Work in process inventory, January 1, 20Y6 $Work in process inventory, January 1, 20Y6
Direct materials:
Materials inventory, January 1, 20Y6Rent expense-factorySupplies-factoryWork in process inventory, December 31, 20Y6Materials inventory, January 1, 20Y6 $Materials inventory, January 1, 20Y6
Indirect laborProperty taxes-headquarters buildingPurchasesWork in process inventory, December 31, 20Y6Purchases
Purchases
Cost of materials available for useSupplies-factoryWork in process inventory, January 1, 20Y6Work in process inventory, December 31, 20Y6Cost of materials available for use $Cost of materials available for use
Indirect laborMaterials inventory, December 31, 20Y6Miscellaneous cost-factoryWork in process inventory, December 31, 20Y6Materials inventory, December 31, 20Y6
Materials inventory, December 31, 20Y6
Cost of direct materials used in productionCost of finished goods available for saleCost of goods manufacturedCost of goods soldCost of direct materials used in production $Cost of direct materials used in production
Depreciation expense-factory equipmentDirect laborIndirect laborSupplies-factoryDirect labor
Direct labor
Factory overhead:
Indirect laborMaterials inventory, January 1, 20Y6PurchasesSalesIndirect labor $Indirect labor
Depreciation expense-factory equipmentDepreciation expense-office equipmentDirect laborPurchasesDepreciation expense-factory equipment
Depreciation expense-factory equipment
Direct laborHeat, light, and power-factoryMaterials inventory, January 1, 20Y6Work in process inventory, December 31, 20Y6Heat, light, and power-factory
Heat, light, and power-factory
Cost of materials available for useDirect laborProperty taxes-factoryProperty taxes-headquarters buildingProperty taxes-factory
Property taxes-factory
PurchasesRent expense-factoryRent expense-headquarters buildingSales salaries expenseRent expense-factory
Rent expense-factory
Cost of goods soldDirect laborPurchasesSupplies-factorySupplies-factory
Supplies-factory
Advertising expenseCost of materials available for useDirect materialsMiscellaneous costs-factoryMiscellaneous costs-factory
Miscellaneous costs-factory
Total factory overhead
fill in the blank 62070106800bf8f_29
Total manufacturing costs incurred in 20Y6
fill in the blank 62070106800bf8f_30
Total manufacturing costs $fill in the blank 62070106800bf8f_31
Cost of materials available for useDirect materialsMaterials inventory, December 31, 20Y6Work in process inventory, December 31, 20Y6Work in process inventory, December 31, 20Y6
Work in process inventory, December 31, 20Y6
Cost of goods manufactured $fill in the blank 62070106800bf8f_34
Feedback Area
Feedback
1. The cost of goods manufactured is the beginning work in process plus the cost of direct materials used in production plus direct labor and factory overhead, less the ending work in process.
Question Content Area
2. Prepare the 20Y6 income statement.
Cost of goods soldGross profitIndirect laborSalesSales $Sales
Cost of good sold:
Advertising expenseFinished goods inventory, January 1, 20Y6Finished goods inventory, December 31, 20Y6SalesFinished goods inventory, January 1, 20Y6 $Finished goods inventory, January 1, 20Y6
Cost of direct materials used in productionCost of finished goods available for saleCost of goods manufacturedCost of goods soldCost of goods manufactured
Cost of goods manufactured
Cost of direct materials used in productionCost of finished goods available for saleCost of goods soldCost of materials available for useCost of finished goods available for sale $Cost of finished goods available for sale
Depreciation expense-office equipmentFinished goods inventory, December 31, 20Y6Net lossPlus finished goods inventory, December 1, 20Y6Finished goods inventory, December 31, 20Y6
Finished goods inventory, December 31, 20Y6
Cost of direct materials used in productionCost of finished goods available for saleCost of goods soldCost of materials available for useCost of goods sold
Cost of goods sold
Cost of goods soldGross profitProperty taxes-headquarters buildingSalesGross profit $Gross profit
Operating expenses:
Administrative expenses:
Cost of goods soldOffice salaries expenseSalesSales salaries expenseOffice salaries expense $Office salaries expense
Advertising expenseDepreciation expense-factory equipmentDepreciation expense-office equipmentGross profitDepreciation expense-office equipment
Depreciation expense-office equipment
Cost of goods soldProperty taxes-factoryProperty taxes-headquarters buildingSalesProperty taxes-headquarters building
Property taxes-headquarters building
$Property taxes-headquarters building
Selling expenses:
Advertising expenseCost of goods soldOffice salaries expenseSalesAdvertising expense $Advertising expense
Direct laborOffice salaries expenseSalesSales salaries expenseSales salaries expense
Sales salaries expense
Sales salaries expense
Total operating expenses
fill in the blank 8e63d709cfb0fa5_27
Net incomeNet lossNet income