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 $438,760 $535,290 Work in process 789,770 727,990 Finished goods 759,050 744,050 $363,460 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment 51,390 69,050 Direct labor 824,350 Heat, light, and power-factory Indirect labor 27,300 96,350 Materials purchased Office salaries expense 808,290 282,100 22,480 Property taxes-factory Property taxes-headquarters building Rent expense-factory 46,570 38,010 Sales 3,784,500 Sales salaries expense 464,630 18,740 Supplies-factory Miscellaneous costs-factory 11,780 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: Factory overhead: Factory overhead: (ll) Total factory overhead Total manufacturing costs incurred in 20Y6 Total manufacturing costs Cost of goods manufactured Feedback Check My Work 1. The cost of goods manufactured is the beginning work in process plus the cost of direct materials u eBook Show Me How Print Item Shanika Company Income Statement For the Year Ended December 31, 2016 Cost of good sold: Operating expenses: Administrative expenses: Selling expenses: Total operating expenses