Calculator Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $203,060 $251,790 Work in process 365,510 342,430 Finished goods 351,290 349,990 Advertising expense $170,970 Depreciation expense-office equipment 24,170 Depreciation expense-factory equipment 32,480 Direct labor 387,760 Heat, light, and power-factory 12,840 Indirect labor 45,320 Materials purchased 380,200 Office salaries expense Property taxes-factory 10,580 Property taxes-headquarters building 21,910 Rent expense-factory 17,880 Sales 1,780,160 Sales salaries expense Supplies-factory 218,550 8,810 Check My Work 2 more Check My Work uses remaining All work saved. Calculator Miscellaneous costs-factory 5,540 Required: 1. Prepare the statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 2016 Direct materials: Factory overhead: Check My Work 2 more Check My Work uses remaining All work saved. Calculator Total factory overhead Total manufacturing costs incurred Total manufacturing costs Cost of goods manufactured 2. Prepare the income statement. Shanika Company Income Statement For the Year Ended December 31, 2016 Cost of goods sold: Operating expenses: Administrative expenses: Check My Work 2 more Check My Work uses remaining. All work saved. 2. Prepare the income statement. Shanika Company Income Statement For the Year Ended December 31, 2016 Cost of goods sold: Operating expenses Administrative expenses: Selling expenses: Total operating expenses Check My Work 2 more Check My Work uses remaining All work saved