Statement of Cost of Goods Manufacture and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 2016: Inventories Materials January 1 December 31 $275,450 $344,310 Work in process 495,810 468,260 Finished goods 476,530 478,590 Advertising expense $233,790 Depreciation expense-office equipment 33,050 Depreciation expense-factory equipment 44,420 Direct labor 530,240 Heat, light, and power-factory 17,560 Indirect labor 61,980 Materials purchased 519,910 Office salaries expense 181,450 Property taxes-factory 14,460 Property taxes-headquarters building 29,950 Rent expense-factory 24,450 Sales 2,434,270 Sales salaries expense 298,860 Supplies-factory 12,050 Miscellaneous costs-factory 7,570 Required: