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 $384,550 $476,840 Work in process 692,190 648,500 Finished goods 665,270 662,810 Advertising expense $323,770 Depreciation expense-office equipment 45,780 Depreciation expense-factory equipment 61,510 Direct labor 734,330 Heat, light, and power-factory 24,320 Indirect labor 85,830 Materials purchased 720,030 Office salaries expense 251,290 20,030 Property taxes-factory Property taxes-headquarters building 41,490 33,860 Rent expense-factory Sales 3,371,260 Sales salaries expense 413,900 Supplies-factory 16,690 Miscellaneous costs-factory 10,490 Required: 1. Prepare the 2016 statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 2046 Direct materials: $ Factory overhead: Total factory overhead o Total manufacturing costs incurred in 2046 Total manufacturing costs $ linio Cost of goods manufactured $ Cost of goods manufactured 2. Prepare the 20Y6 income statement. Shanika Company Income Statement For the Year Ended December 31, 2016 Cost of good sold: $ Operating expenses: Administrative expenses: Selling expenses: Total operating expenses