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Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following Information is available for Shanika Company for 2076: Inventories January 1 December 31 Materials $253,610 $311,940 Work in process 456,500 424,240 Finished goods 438,750 433,600 $211,810 29,950 40,240 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 480,390 15,910 56,150 471,030 164,390 13,100 27,140 22,150 2,205,420 270,760 10,920 6,860 eBook Show Me How 1. Prepare the 2046 statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 2016 Direct materials: ID Factory overhead: Total factory overhead eBook Show Me How Total factory overhead Total manufacturing costs incurred in 2046 Total manufacturing costs 000 Cost of goods manufactured 2. Prepare the 2016 income statement. Shanika Company Income Statement For the Year Ended December 31, 20Y6 Cost of good sold: Operating expenses: Administrative expenses: Check My Work 2 more Check My Work uses remaining. Shanika Company Income Statement For the Year Ended December 31, 2016 Cost of good sold: Operating expenses: Administrative expenses: Selling expenses: Total operating expenses