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 $236,710 $291,150 Work in process 426,080 395,960 Finished goods 409,510 404,700 Advertising expense Depreciation expense-office equipment $197,690 27,950 Depreciation expense-factory equipment 37,560 Direct labor 448,370 Heat, light, and power-factory 14,850 Indirect labor 52,410 Materials purchased 439,640 Office salaries expense 153,440 Property taxes-factory 12,230 Property taxes-headquarters building 25,330 Rent expense-factory 20,670 Sales 2,058,430 Sales salaries expense 252,720