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(Solved) : Statement Cost Goods Manufactured Income Statement Manufacturing Company Following Informa Q34221622

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Answer to Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is av…

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Statement of Cost of Goods Manufactured and Income Statement fora Manufacturing Company The following information is available forShanika Company for 20Y6: Inventories January 1 December 31Materials $469,710 $587,140 Work in process 845,480 798,510Finished goods 812,600 816,120 Advertising expense $398,670Depreciation expense-office equipment 56,370 Depreciationexpense-factory equipment 75,740 Direct labor 904,200 Heat, light,and power-factory 29,940 Indirect labor 105,690 Materials purchased886,580 Office salaries expense 309,420 Property taxes-factory24,660 Property taxes-headquarters building 51,080 Rentexpense-factory 41,690 Sales 4,151,080 Sales salaries expense509,640 Supplies-factory 20,550 Miscellaneous costs-factory 12,920Required: 1. Prepare the 20Y6 statement of cost of goodsmanufactured. Shanika Company Statement of Cost of GoodsManufactured For the Year Ended December 31, 20Y6 Work in processinventory, January 1, 20Y6 $ 845,480 Direct materials: Materialsinventory, January 1, 20Y6 $ 469,710 Purchases 886,580 Cost ofmaterials available ... View full description