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 $218,180 $266,180 392,720 362,000 377,450 369,990 $180,740 25,550 34,340 Direct labor 409,920 Heat, light, and power-factory 13,580 Indirect labor Materials purchased 47,910 401,930 Office salaries expense 140,280 Property taxes-factory 11,180 Property taxes-headquarters building 23,160 Rent expense-factory 18,900 Sales 1,881,890 Sales salaries expense 231,040 Supplies-factory Miscellaneous costs-factory 9,320 5,860 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 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: Total operating expenses