Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 2016: January December Inventories 1 31 Materials $393,690 $492,110 Work in 708,640 669,270 process Finished 681,080 684,030 goods Advertising expense $334,140 Depreciation expense-office 47,240 equipment Depreciation expense-factory 63,480 equipment Direct labor 757,850 Heat, light, and power-factory 25,100 Indirect labor 88,580 Materials purchased 743,090 Office salaries expense 259,340 Property taxes-factory 20,670 Property taxes-headquarters 42,810 building Rent expense-factory 34,940 Sales 3,479,220 Sales salaries expense 427,150 Supplies-factory 17,220 Miscellaneous costs-factory 10,830 Required: 1. Prepare the 2016 statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y6 Costs Type Work in process inventory, Janu Direct materials: Materials inventory, Januar Purchases Cost of materials availabli Materials inventory, Decembe Cost of direct materials used in Amount Amount Amount Kent ex Sales 3,479,220 Sales salaries expense Supplies-factory 427,150 17,220 Miscellaneous costs-factory 10,830 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 Costs Type Work in process inventory, Janu Amount Amount Amount Direct materials: Materials inventory, Januar 00 Purchases Cost of materials availabl Materials inventory, Decembe Cost of direct materials used in Direct labe Factory overhead: Indirect lab Depreciation expense-factory Heat, light, and power- Property taxes-fac Rent expense-fac Supplies-fact Miscellaneous costs-f Total factory overhead Total manufacturing costs incurred in 2016 Total manufacturing costs Work in process inventory, Decem Cost of goods manufa 2. Prepare the 20Y6 income statement. Shanika Company Income Statement 31 2016 Total manufacturing costs incurred in 2016 Total manufacturing costs Work in process inventory, Decem Cost of goods manufa 2. Prepare the 20Y6 income statement. Shanika Company Sales Income Statement For the Year Ended December 31, 20Y6 Line Item Description Cost of good sold: Finished goods inventory, Janu. Cost of goods manufa Cost of finished goods availat Finished goods inventory, Decem Cost of goods s Gross prof Operating expenses: Administrative expenses: Office salaries exp Depreciation expense-factory Sales salaries exp Total administrative expenses Selling expenses: Advertising expe Sales salaries exp Total selling expenses Total operating expenses Net incomi Amount Amount Amount 0000