PR 15-5B Statement of cost of goods manufactured and income statement for a manufacturing company Obj. 4 The following information is available for Shanika Company for 2016: SHOW ME LTE TEMPLATE Inventories Materials Work in process Finished goods January 1 $ 77,350 109,200 113,750 December 31 $ 95,550 96,200 100,100 $ 68,250 22,750 14,560 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-actory Miscellaneous costs-factory 186,550 5,850 23,660 123,500 77,350 4,095 13,650 6,825 864,500 136,500 3,250 4,420 Based on your solution to Problem 15-5B. Question 1 (10 points) The cost of direct materials used in production for the year (that is, the direct materials cost) is $ Question 2 (10 points) The direct labor cost for the year is $ Question 3 (10 points) Advertising expense of $68,250 is included in factory overhead costs for the year. True False Question 4 (10 points) Property taxes on the factory of $4,095 were included in factory overhead costs for the year. True False Question 5 (10 points) Indirect labor costs of $23,660 were included in factory overhead costs for the year. True False Question 6 (10 points) Total factory overhead costs for the year were $ Question 7 (10 points) Work in process on January 1 PLUS total manufacturing costs incurred during the year MINUS work in process on December 31 EQUALS cost of finished goods manufactured for the year. True False Question 8 (10 points) Cost of finished goods manufactured for the year is $ Question 9 (10 points) Cost of goods sold for year is $ Question 10 (10 points) Total selling expenses for year equal $