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 $448,110 $560,140 Work in process 806,600 761,790 Finished goods 775,230 778,590 Advertising expense $380,340 Depreciation expense-office equipment 53,770 Depreciation expense-factory equipment 72,260 Direct labor 862,620 Heat, light, and power-factory 28,570 Indirect labor 100,830 Materials purchased 845,810 Office salaries expense 295,190 Property taxes-factory 23,530 Property taxes-headquarters building 48,730 Rent expense-factory 39,770 Sales 3,960,190 Sales salaries expense 486,200 Supplies-factory 19,600 Miscellaneous costs-factory 12,320 1. Prepare the 20Y6 statement of cost of goods manufactured. 2. Prepare the 20Y6 income statement