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 $249,680 $314,600 Work in process 449,420 427,860 Finished goods 431,950 437,290 $213,610 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 30,200 140,580 484,480 16,040 56,630 475,050 165,790 13,210 27,370 22,340 2,224,220 273,070 11,010 Sales Sales salaries expense Supplies-factory 2,224,220 273,070 Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory Required: 11,010 6,920 1. Prepare the 2016 statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 2046 Work in process inventory, January 1, 2016 449,420 Direct materials: Materials inventory, January 1, 2016 Factory overhead: Factory overhead: Total factory overhead Total manufacturing costs incurred in 2046 Total manufacturing costs Cost of goods manufactured 2. Prepare the 20Y6 income statement. Shanika Company Income Statement For the Year Ended December 31, 2016 Cost of good sold: DOO Operating expenses: Administrative expenses: Selling expenses: 100 Total operating expenses