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 $314,630 $396,430 Work in process 566,330 539,140 Finished goods 544,310 551,040 Advertising expense $269,180 Depreciation expense-office equipment 38,060 Depreciation expense-factory equipment 51,140 Direct labor 610,500 Heat, light, and power-factory 20,220 Indirect labor 71,360 Materials purchased 598,610 Office salaries expense 208,920 Property taxes-factory 16,650 Property taxes-headquarters building 34,490 Rent expense-factory 28.150 Sales 2,802.760 Sales salaries expense 344,100 Sales salaries expense 344,100 13,880 Supplies-factory Miscellaneous costs-factory Required: 8,720 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 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: Factory overhead: 11100 Total factory overhead Total manufacturing costs incurred Total manufacturing costs