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 $228,570 $288,000 Work in process Finished goods Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor 411,430 391,680 395,430 400,320 $195,550 27,650 37,150 443,520 Heat, light, and power-factory Indirect labor Materials purchased 14,690 51,840 434,880 Office salaries expense 151,780 Property taxes-factory 12,100 Property taxes-headquarters building 25,060 Rent expense-factory 20,450 Sales 2,036,160 Sales salaries expense 249,980 Supplies-factory 10,080 Miscellaneous costs-factory 6,340 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: 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: Total factory overhead Total manufacturing costs incurred Total manufacturing costs Cost of goods manufactured 2. Prepare the income statement. Shanika Company Income Statement 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: Operating expenses: Administrative expenses: Selling expenses: Total operating expenses