Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 2016 Inventories January 1 December 31 Materials $376,260 $459,040 Work in process 677.270 624,290 Finished goods 650,930 638,070 Advertising expense $311,690 Depreciation expense-office equipment 44,070 Depreciation expense-factory equipment 59,220 Direct labor 706,920 Heat, light, and power-factory 23,410 Indirect labor 82,630 Materials purchased 693,150 Office salaries expense 241,910 Property taxes-factory Property taxes-headquarters building 39,940 Rent expense-factory 32,590 Sales 3,245,410 Sales salaries expense 398,450 Supplies-factory 16,070 Miscellaneous costs-factory 10.100 Required: w 19,280 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: Total factory overhead Total manufacturing costs incurred Total manufacturing costs ID Cost of goods manufactured 2. Prepare the income statement. Shanika Company Income Statement For the Year Ended December 31, 2016 Cost of goods sold: Operating expenses: Administrative expenses: Selling expenses: Total operating expenses