eBook Show Me How Print Item Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 2016: Inventories January 1 December 31 Materials $229,830 $282,690 Work in process 413,690 384,460 Finished goods 397,610 392,940 $191,950 27,140 36,470 435,340 14,420 50,880 426,860 148,980 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 Sales salaries expense Supplies-factory Miscellaneous costs-factory Required: 11,870 24,590 20,070 1,998,620 245,370 9,890 6,220 Check My Work eBook 1. Prepare the 20Y6 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: Total factory overhead Total manufacturing costs incurred in 2016 Check My Work Total manufacturing costs Cost of goods manufactured 2. Prepare the 20Y6 income statement. Shanika Company Income Statement For the Year Ended December 31, 2016 Cost of good sold: Operating expenses: Administrative expenses: Selling expenses: Shanika Company Income Statement For the Year Ended December 31, 2046 Cost of good sold: Operating expenses: Administrative expenses: Selling expenses: Total operating expenses