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 January 1 December 31, $280,260 $350,330 Work in process 504,470 476,450 Finished goods 484,850 486,960 Advertising expense $237,870 Depreciation expense-office equipment 33,630 Depreciation expense-factory equipment 45,190 Direct labor 539,510 Heat, light, and power-factory 17,870 Indirect labor 63,060 Materials purchased 529,000 office salaries expense 184,620 Property taxes-factory 14,710 Property taxes-headquarters building 30,480 Rent expense-factory 24,870 Sales 2,476,830 Sales salaries expense 304,090