Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January December 1 31 $436,700 $545,880 Materials Work in 786,060 742,400 process Finished 755,490 758,770 spoos Advertising expense $370,650 Depreciation expense-office equipment 52,400 Depreciation expense-factory equipment 70,420 Direct labor 840,660 Heat, light, and power-factory 27,840 Indirect labor 98,260 Materials purchased 824,280 Office salaries expense 287,680 Property taxes-factory 22,930 Property taxes-headquarters building 47,490 Rent expense-factory 38,760 Sales 3,859,370 Sales salaries expense 473,820 Supplies-factory 19,110 Miscellaneous costs-factory 12,010 Required: 1. Prepare the 20Y6 statement of 1. Prepare the 20Y6 statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y6 Work in process inventory, January 1, 20Y6 Direct materials: Materials inventory, January 1, 20Y6 Purchases Cost of materials available for use Materials inventory, December 31, 20Y6 Cost of direct materials used in production Direct labor Factory overhead: Indirect labor Depreciation expense-factory equipment Heat, light, and power-factory Property taxes-factory Rent expense-factory Supplies-factory Miscellaneous costs-factory Total factory overhead Total manufacturing costs incurred in 20Y6 Total manufacturing costs Work in process inventory, December 31, 20Y6 Cost of goods manufactured Feedback Check M w 2. Prepare the 20Y6 income statement Shanika Company Income Statement For the Year Ended December 31, 20Y6 Sales Cost of good sold: Finished goods inventory, January 1, 20Y6 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, December 31, 20Y6 Cost of goods sold Gross profit Operating expenses: Administrative expenses: Office salaries expensev Depreciation expense-office equipment Property taxes-headquarters building Selling expenses: Advertising expense Sales salaries expense Total operating expenses Net income Feedback