Finish the income statement

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 $270,300 $337,880 Work in process 486,540 459,520 Finished goods 467,620 469,650 $229,420 32,440 43,590 520,340 17,230 60,820 510,200 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 178,060 14,190 29,400 23,990 2,388,810 293,280 11,830 7,430 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 Direct materials: of Factory overhead: > Total factory overhead Total manufacturing costs incurred in 2016 Total manufacturing costs Cost of goods manufactured 2. Prepare the 2016 income statement. Shanika Company Income Statement For the Year Ended December 31, 2016 Cost of good sold: Operating expenses: Administrative expenses: Selling expenses: Total operating expenses