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 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment January 1 December 31 $314,420 $389,880 565,960 530,240 543,950 541,930 $264,730 37,430 50,290 Direct labor Heat, light, and power-factory Indirect labor Materials purchased 600,420 19,880 70,180 588,720 Office salaries expense 205,470 Property taxes-factory 16,370 Property taxes-headquarters building 33,920 Rent expense-factory 27,680 Sales 2,756,450 Sales salaries expense 338,420 Supplies-factory Miscellaneous costs-factory 13,650 8,580 1. Prepare the 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 LA Total manufacturing costs incurred Total manufacturing costs Cost of goods manufactured 2. Prepare the income statement. Shanika Company Income Statement For the Year Ended December 31, 20Y6 Cost of goods sold: Operating expenses: Administrative expenses: Selling expenses: LA +A LA 0000 Shanika Company Income Statement For the Year Ended December 31, 20Y6 Cost of goods sold: Operating expenses: Administrative expenses: Selling expenses: Total operating expenses LA