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 Work in process Finished goods Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment January 1 December 31 $348,400 $432,020 627,120 587,550 602,730 600,510 $293,340 41,470 55,730 Direct labor Heat, light, and power-factory Indirect labor Materials purchased 665,310 22,030 77,760 652,350 Office salaries expense 227,670 Property taxes-factory 18,140 Property taxes-headquarters building 37,590 Rent expense-factory 30,670 Sales 3,054,380 Sales salaries expense Supplies-factory Miscellaneous costs-factory 374,990 15,120 9,500 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: Total factory overhead Total manufacturing costs incurred * Total manufacturing costs Cost of goods manufactured 2. Prepare the income statement. Shanika Company Income Statement For the Year Ended December 31, 20Y6 Cost of goods sold: Operating expenses: Administrative expenses: Selling expenses: Total operating expenses