Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company

The following information is available for Shanika Company for 20Y6:

Inventories	January 1	December 31
Materials	$457,590		$567,410
Work in process	823,660		771,680
Finished goods	791,630		788,700

Advertising expense	$385,270
Depreciation expense-office equipment	54,470
Depreciation expense-factory equipment	73,200
Direct labor	873,810
Heat, light, and power-factory	28,940
Indirect labor	102,130
Materials purchased	856,790
Office salaries expense	299,030
Property taxes-factory	23,830
Property taxes-headquarters building	49,360
Rent expense-factory	40,290
Sales	4,011,590
Sales salaries expense	492,510
Supplies-factory	19,860
Miscellaneous costs-factory	12,480

Required:

1. Prepare the 20Y6 statement of cost of goods manufactured.