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 1 December 31 Materials $276,020 $345,030 Work in process Finished goods Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor 496,840 469,240 477,510 479,590 $234,280 33,120 44,510 531,350 Heat, light, and power-factory Indirect labor Materials purchased 17,600 62,110 521,000 Office salaries expense 181,830 Property taxes-factory 14,490 Property taxes-headquarters building 30,020 Rent expense-factory 24,500 Sales 2,439,360 Sales salaries expense Supplies-factory Miscellaneous costs-factory Required: 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: 299,490 12,080 7,590 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 Accounting numeric field