Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 2016: Inventories Materials, Work in process January 1 December 31 $303,670 $373,510 546,610 507,970 Finished goods 525,350 519,180 Advertising expense $253,610 Depreciation expense-office equipment 35,860 Depreciation expense-factory equipment 48,180 Direct labor 575,210 Heat, light, and power-factory 19,050 Indirect labor 67,230 Materials purchased 564,000 Office salaries expense 196,840 Property taxes-factory 15,690 Property taxes-headquarters building 32,500 Rent expense-factory 26,520 Sales 2,640,720 Sales salaries expense 324,210 Supplies-factory 13,070 Miscellaneous costs-factory 8,220 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: Factory overhead: QO