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 $406,660 $500,190 Work in process 731,990 680,260 Finished goods 703,520 695,260 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment $339,630 48,020 64,520 Direct labor 770,290 25,510 Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales 90,030 755,290 263,600 21,010 43,520 35,510 3,536,340 Rent expense-factory 35,510 Sales 3,536,340 434,160 Sales salaries expense Supplies-factory Miscellaneous costs-factory 17,510 11,000 Required: 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 $ Direct materials: Factory overhead: $ Total factory overhead Total manufacturing costs incurred in 2046 Total manufacturing costs Cost of goods manufactured 2. Prepare the 2016 income statement. Shanika Company Income Statement For the Year Ended December 31, 2046 Cost of good sold: $ $ Operating expenses: Administrative expenses: $ Selling expenses: $ Total operating expenses