Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: 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 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor 14,560 186,550 Heat, light, and power-factory 5,850 Indirect labor 23,660 123,500 77,350 Materials purchased Office salaries expense Property taxes-factory Property taxes-headquarters building Rent expense-factory 4,095 13,650 6,825 Sales 864,500 136,500 Sales salaries expense Supplies-factory Miscellaneous costs-factory 3,250 4,420 1. Prepare the statement of cost of goods manufactured. Enter all amounts as positive numbers. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 2016 Direct materials: A $ $ Factory overhead: Total factory overhead Total manufacturing costs incurred A Total manufacturing costs 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 00