Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $376,140 $458,890 Work in process 677,050 624,090 Finished goods 650,720 637,860 Advertising expense $311,590 Depreciation expense-office equipment 44,050 Depreciation expense-factory equipment 59,200 Direct labor 706,690 Heat, tight, and power-factory 23,400 Indirect labor 82,600 Materials purchased 692,920 Office salaries expense 241,840 Property taxes-factory 19,270 Property taxes-headquarters building 39,920 Rent expense-factory 32,580 Sales 3,244,350 Sales salaries expense 398,320 Supplies-factory 16,060 Miscellaneous costs-factory 10,100 Required: 1. Prepare the statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 2046 Direct materials: Factory overhead: 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: 00 Operating expenses: Administrative expenses Selling expenses Total operating expenses