An asterisk (*) will appear to the right of an incorrect entry.
1.
Work in process inventory, January 1, 20Y6
Direct materials:
Cost of direct materials used in production
Direct labor
Total factory overhead
Total manufacturing costs incurred during the year
Total manufacturing costs
Cost of goods manufactured
2.
Sales
Cost of finished goods available for sale
Cost of goods sold
Gross profit
Operating expenses:
Selling expenses:
Total operating expenses
Net income
Statement of Cost of Goods Manufactured
For the Year Ended December 31, 20Y6
0%
Shanika Company
[Key code here]
Score:
Key Code:
Problem 15(1)-5B
Name:
Section:
Shanika Company
Income Statement
For the Year Ended December 31, 20Y6
An asterisk (*) will appear to the right of an incorrect entry.
1.
Work in process inventory, January 1, 20Y6 109,200$
Direct materials:
Materials inventory, December 31, 20Y6
Cost of materials available for use
Materials inventory, January 1, 20Y6
Cost of direct materials used in production
105,300$
Direct labor 186,550
Factory overhead:
23,660$
Depreciation expense – factory equipment
Rent expense – factory
Heat, light, and power – factory
Property taxes – factory
Miscellaneous cost – factory
Total factory overhead 62,660
Total manufacturing costs incurred during the year
354,510
Total manufacturing costs
463,710$
(96,200)
Cost of goods manufactured
367,510$
2.
Sales
864,500$
Cost of goods manufactured
Finished goods inventory, January 1, 20Y6
(100,100)
Cost of goods sold
(381,160)
Gross profit 483,340$
Operating expenses:
Administrative expenses:
Total operating expenses (318,500)
Net income 164,840$
Work in process inventory, December 31, 20Y6
Indirect labor
For the Year Ended December 31, 20Y6
Shanika Company
Statement of Cost of Goods Manufactured
ON
Score:
Problem 15(1)-5B
Name:
Solution
Section:
Shanika Company
Income Statement
For the Year Ended December 31, 20Y6
Finished goods inventory, December 31, 20Y6