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 $418,010 $522,510 Work in process 752,420 710,610 Finished goods 723,160 726,290 Advertising expense $354,780 Depreciation expense-office equipment 50,160 Depreciation expense-factory equipment 67,400 Direct labor 804,670 Heat, light, and power-factory 26,650 Indirect labor 94,050 Materials purchased 788,990 Office salaries expense 275,360 Property taxes-factory 21,950 Property taxes-headquarters building 45,460 37,100 Rent expense-factory 3,694,150 Sales 453,540 Sales salaries expense 18,290 Supplies-factory 11,500 Miscellaneous costs-factory