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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 20Y6: Inventories January 1 December 31 Materials $325,320 $396,890 Work in process 585,580 539,770 Finished goods 562,800 551,680 $269,490 38,100 51,200 611,210 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 20,240 71,440 599,300 209,160 16,670 34,530 28,180 2,806,010 344,500 13,890 Sales Sales salaries expense Supplies-factory 8,730 Miscellaneous costs-factory 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 Direct materials: QILI QUOD Factory overhead: Factory overhead: qulllll Total factory overhead Total manufacturing costs incurred in 2016 Total manufacturing costs Cost of goods manufactured 2. Prepare the 20Y6 income statement. Shanika Company Income Statement For the Year Ended December 31, 2016 Cast of and cold 2. Prepare the 20Y6 income statement. Shanika Company Income Statement For the Year Ended December 31, 2046 Cost of good sold: $ Operating expenses: Administrative expenses: Selling expenses: Tor the Year Ended December 31, 2016 Cost of good sold: QODI 10 Operating expenses: Administrative expenses: Selling expenses: Total operating expenses Oo