Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 2016: Inventories Materials January 1 December 31 $305,890 $382,360 550,600 520,010 529,190 531,480 Work in process Finished goods $259,620 36,710 49,320 588,830 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 19,500 68,820 577,360 201,500 16,060 Property taxes-headquarters building Rent expense-factory Sales 33,270 27,150 2,703,290 331,890 Sales salaries expense 49,320 588,830 19,500 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 68,820 577,360 201,500 16,060 33,270 27,150 2,703,290 331,890 13,380 Rent expense-factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory 8,410 Required: 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 Shanika Company Income Statement For the Year Ended December 31, 2046 Sales Cost of good sold: Finished goods inventory, January 1, 2046 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, December 31, 2016 Cost of goods sold DL Gross profit Operating expenses: Administrative expenses: Office salaries expense Depreciation expense-office equipment Property taxes headquarters building Selling expenses: Advertising expense DU D I Sales salaries expense Total operating expenses Net income