1 answer

The amounts with the red X beside it is incorrect please correct the amounts Statement of...

Question:

The amounts with the red X beside it is incorrect please correct the amounts
Statement of Cast of Goods Manufactured and Income Statement for a Manufacturing Company The following information is availab
Required: 1. Prepare the 2016 statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufacture
3,431,570 677,170 1,513,430 2. Prepare the 20Y6 income statement. Shanila Company Income Statement For the Year Ended Decembe
Statement of Cast of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 2016: Inventories Materials Work in process Finished goods January 1 December 31 $391,430 $485,370 704,570 660,100 677,170 674,660 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales $329,570 46,600 62,610 747,470 24,750 87,370 732,910 255,790 20,390 42.230 34,460 3,431,570 421,300 16.990 10.680 Sales salaries expense Supplies-factory Miscellaneous costs-factory
Required: 1. Prepare the 2016 statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 2016 Work in process inventory, January 1, 2016 Direct materials: Materials inventory, January 1, 2016 391.430 704,570 Purchases 732,910 Cost of materials available for use 1,124,340 Materials inventory, December 31, 2016 485,370 Cost of direct materials used in production $638,970 747470 Direct labor 62.610 24,750 87 370 Factory overhead: Indirect labor Depreciation expense-factory equipment Heat, light, and power factory Property taxes factory Rent expense-factory Supplies factory ✓ Miscellaneous costs factory 20,390 34.460 16.990 10,680 82 520 1,468.960 Total factory overhead Total manufacturing costs incurred in 2016 Total manufacturing costs Work in process inventory, December 31, 2016 2.173.530 660.100 Cost of goods manufactured 1513.430 x
3,431,570 677,170 1,513,430 2. Prepare the 20Y6 income statement. Shanila Company Income Statement For the Year Ended December 31, 2016 Sales ✓ Cost of good sold: Finished goods inventory, January 1, 2016 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, December 31, 2016 Cost of goods sold Gross profit Operating expenses: Administrative expenses: Office salaries expense $ 255,790 2,190,600 674,660 1,515,940 $ 1,915,630 Depreciation expense-office equipment 46,600 42230 ✓ 344,620 Property taxes headquarters building Selling expenses: Advertising expense Sales salaries expense $329,570 421 300 ✓ 750,870 Total operating expenses Net income 1.095,490 820,140 x

Answers

Shanika Company
Statement of Cost of Goods Manufactured
For the Year Ended December 31, 20Y6
Work in process inventory, January 1, 20Y6 704570
Direct materials:
Materials inventory, January 1, 20Y6 391430
Add: Purchases 732910
Cost of materials available for use 1124340
less: Materials inventory, December 31, 20Y6 485370
Cost of direct materials used in production (a) 638970
Direct labor (b) 747470
Less: Factory overhead:
Indirect labor 87370
Depreciation expense-factory equipment 62610
Heat, light, and power-factory 24750
Property taxes-factory 20390
Rent expense-factory 34460
Supplies-factory 16990
Miscellaneous costs-factory 10680
Total factory overhead © 257250
Total manufacturing costs incurred in 20Y6 9 (d= (a+b+c)) 1643690
Total manufacturing costs 2348260
Work in process inventory, December 31, 20Y6 660100
Cost of goods manufactured 1688160
2
Shanika Company
Income Statement
For the Year Ended December 31, 20Y6
Sales 3431570
Cost of goods sold:
Finished goods inventory, January 1, 20Y6 677170
Add: Cost of goods manufactured 1688160
Cost of finished goods available for sale 2365330
Less: Finished goods inventory, December 31, 20Y6 674660
Cost of goods sold 1690670
Gross profit 1740900
Less; Operating expenses:
Administrative expenses: 344620
Office salaries expense 255790
Depreciation expense-office equipment 46600
Property taxes-headquarters building 42230
Selling expenses: 750870
Advertising expense 329570
Sales salaries expense 421300
Total operating expenses 1095490
Net income 645410
.

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