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 $344,920 $424,250 Work in process 620,860 S76,980 Finished goods 596,710 599,710 Advertising expense 5288,070 Depreciation expense-office equipment 40,730 Depreciation expense-factory equipment 54,730 Direct labor 653,350 Heat, light, and power-factory 21,640 Indirect labor 76,370 Materials purchased 640,620 Office salaries expense 223,580 Property taxes-factory 17.820 Property taxes-headquarters building 36,910 Rent expense-factory 30.120 Sales 2.999,450 Sales salaries expense 368,250 Supplies-factory Miscellaneous costs-factory 9,330 Required: 1. Prepare the statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 2016 Direct materials: 10 Factory overhead: 1. Prepare the statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 2016 Direct materials: 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: Operating expenses: Administrative expenses: Selling expenses: Total operating expenses