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 $293,510 $363,950 Materials Work in process Finished goods 528,320 494,970 507,770 505,890 $247,120 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment 34,940 46,950 560,480 Direct labor Heat, light, and power-factory Indirect labor 18,560 65,510 549,560 Materials purchased Office salaries expense Property taxes-factory 191,800 15,290 Property taxes-headquarters building 31,660 Rent expense-factory 25,840 Sales 2,573,130 315,910 Sales salaries expense Supplies-factory Miscellaneous costs-factory 12,740 8,010 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: Factory overhead: > Total factory overhead Total manufacturing costs incurred Total manufacturing costs 0000 Cost of goods manufactured 2. Prepare the income statement. Shanika Company Income Statement For the Year Ended December 31, 2016 Cost of goods sold: -6 $ -6 Operating expenses: Administrative expenses: $ ( Selling expenses: $ A Total operating expenses