An asterisk (*) will appear to the right of an incorrect entry.
1.
Work in process inventory, January 1, 2014
Direct materials:
Cost of direct materials used in production
Direct labor
Factory overhead:
Total factory overhead
Total manufacturing costs incurred during the year
Total manufacturing costs
Less:
Cost of goods manufactured
2.
Sales
Cost of goods sold:
Cost of finished goods available for sale
Cost of goods sold
Gross profit
Operating expenses:
Administrative expenses:
Selling expenses:
Total operating expenses
Net income
Statement of Cost of Goods Manufactured
For the Year Ended December 31, 2014
0%
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SHANIKA COMPANY
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Instructions
Problem 18-5B
Name:
Section:
SHANIKA COMPANY
Income Statement
For the Year Ended December 31, 2014
An asterisk (*) will appear to the right of an incorrect entry.
1.
Work in process inventory, January 1, 2014 109,200$
Direct materials:
77,350$
123,500
2.
Sales
Cost of goods manufactured
Finished goods inventory, December 31, 2014
864,500$
Cost of goods sold:
113,750$
Purchases
For the Year Ended December 31, 2014
SHANIKA COMPANY
Statement of Cost of Goods Manufactured
Materials inventory, January 1, 2014
ON
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Instructions
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Problem 18-5B
Name:
Solution
Section:
Finished goods inventory, January 1, 2014
SHANIKA COMPANY
Income Statement
For the Year Ended December 31, 2014
Depreciation expense – factory equipment
Work in process inventory, December 31, 2014
Heat, light, and power – factory
Property taxes – factory
Supplies – factory
Materials inventory, December 31, 2014
Indirect labor