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 $432,380 $527,500 Work in process 778,280 717,400 Finished goods 748,020 733,230 Advertising expense $358,170 50,640 Depreciation expense-office equipment Depreciation expense-factory equipment 68,050 Direct labor 812,350 Heat, light, and power-factory 26,900 Indirect labor 94,950 Materials purchased 796,530 Office salaries expense 277,990 22,160 Property taxes-factory Property taxes-headquarters building 45,890 37,450 Rent expense-factory Sales 3,729,430 Sales salaries expense 457,870 Supplies factory 18.460 Sales salaries expense 457,870 Supplies-factory 18,460 Miscellaneous costs-factory 11,610 Required: 1. Prepare the statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y6 Direct materials: Factory overhead: Factory overhead: Total factory overhead Total manufacturing costs incurred Total manufacturing costs Cost of goods manufactured 2. Prepare the income statement. Shanika Company Income Statement For the Year Ended December 31, 2016 $ Cost of goods sold: 2. Prepare the income statement. Shanika Company Income Statement For the Year Ended December 31, 2016 Cost of goods sold: Operating expenses: Administrative expenses: $ Selling expenses: Total operating expenses For the Year Ended December 31, 2046 Cost of goods sold: o Operating expenses: Administrative expenses: Selling expenses: Total operating expenses