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 $396,120 $495,150 Work in process 713,020 673,400 Finished goods 685,290 688,260 Advertising expense $336,210 47,530 63,870 762,530 25,250 89,130 747,680 Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales Sales salaries expense Supplies-factory 260,940 20,800 43,080 35,160 3,500,710 429,790 17,330 Miscellaneous costs-factory 10,890 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, 2046 Direct materials: Factory overhead: dropdown Total factory overhead Total manufacturing costs incurred in 2046 Total manufacturing costs Cost of goods manufactured 2. Prepare the 20Y6 income statement. Shanika Company Income Statement For the Year Ended December 31, 2016 Cost of good sold: Operating expenses: Administrative expenses: Shanika Company Income Statement For the Year Ended December 31, 2016 Cost of good sold: Operating expenses: Administrative expenses: Selling expenses: Total operating expenses