Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories Materials January 1 December 31 $199,070 $250,830 Work in process 358,330 341,130 Finished goods 344,390 348,650 Advertising expense $170,310 Depreciation expense-office equipment 24,080 Depreciation expense-factory equipment 32,360 Direct labor 386,280 Heat, light, and power-factory 12,790 Indirect labor 45,150 Materials purchased 378,750 Office salaries expense 132,190 Property taxes-factory 10,530 Property taxes-headquarters building 21,820 Rent expense-factory 17,810 Sales 1,773,370 Sales salaries expense 217,720 Supplies-factory 8,780 Miscellaneous costs-factory 5,520 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 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 Direct materials: Factory overhead: QOQO Total factory overhead Total manufacturing costs incurred in 2016 Total manufacturing costs Cost of goods manufactured 0000 2. Prepare the 20Y6 income statement. Shanika Company Income Statement For the Year Ended December 31, 20Y6 Cost of good sold: Operating expenses: Administrative expenses: Selling expenses: Total operating expenses