Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing CompanyThe following information is available for Shanika Company for $20$Y$6$:InventoriesMaterialsWork in processFinished goodsJanuary $1$$$419,260754,670725,320$December $31$$$515,690701,340716,810$Advertising expenseDepreciation expense$-$office equipmentDepreciation expense$-$factory equipmentDirect labor$$350,15049,51066,520794,160$Heat, light, and power$-$factoryIndirect labor$26,30092,820$Materials purchasedOffice salaries expenseProperty taxes$-$factoryProperty taxes$-$headquarters buildingRent expense$-$factorySales$778,690271,77021,66044,870$Sales salaries expenseSupplies$-$factory$36,6103,645,930447,62018,050$Miscellaneous costs$-$factoryRequired:$11,3501.$ Prepare the statement of cost of goods manufactured.Prepare the income statement.