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 $452,720 $556,850 757,320 Work in process Finished goods 814,900 783,210 774,020 $378,100 53,460 71,830 857,550 28,400 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-headquarters building Rent expense-factory 100,230 840,840 293,460 23,390 48,450 39,540 Sales 3,936,930 Sales salaries expense 483,350 19,490 Supplies-factory Miscellaneous costs-factory Required: 12,250 1. Prepare the statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 2016 Direct materials: Factory overhead: Factory overhead: blini Total factory overhead Total manufacturing costs incurred Total manufacturing costs OLIO Cost of goods manufactured 2. Prepare the income statement. Shanika Company Income Statement For the Year Ended December 31, 2016 Cost of goods sold: B Operating expenses: Administrative expenses: S Selling expenses: Selling expenses: Total operating expenses