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 $316,890 $392,940 Work in process 570,400 534,400 Finished goods 548,220 546,190 Advertising expense $266,810 Depreciation expense-office equipment 37,720 Depreciation expense-factory equipment 50,690 Direct labor 605,130 Heat, light, and power-factory 20,040 Indirect labor 70,730 Materials purchased 593,340 Office salaries expense 207,080 Property taxes-factory 16,500 Property taxes-headquarters building 34,190 Rent expense-factory 27,900 Sales 2,778,090 Sales salaries expense 341,070 Supplies-factory 13,750 Miscellaneous costs-factory 8,640 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 2016 Total manufacturing costs Cost of goods manufactured 2. Prepare the 2016 income statement. Shanika Company Income Statement For the Year Ended December 31, 20Y6 Cost of good sold: Q Operating expenses: Administrative expenses: Selling expenses: Total operating expenses +A LA S