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 $187,260 $234,080 Work in process Finished goods Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment 337,070 318,350 323,960 325,370 $158,940 22,470 30,200 Direct labor Heat, light, and power-factory Indirect labor Materials purchased 360,480 11,940 42,130 353,460 Office salaries expense 123,360 Property taxes-factory 9,830 Property taxes-headquarters building 20,360 Rent expense-factory 16,620 Sales 1,654,950 Sales salaries expense 203,180 Sunallas factors 100 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: 0000 203,180 8,190 5,150 eBook Factory overhead: Show Me How 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: 10000 < Shanika Company Income Statement For the Year Ended December 31, 20Y6 Cost of goods sold: Operating expenses: Administrative expenses: Selling expenses: CO Total operating expenses