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 $391,430 $485,370 Work in process 704,570 660,100 Finished goods 677,170 674,660 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 taces-headquarters building Rent expense-factory $329,570 46,600 62,610 747,470 24.750 87.370 732,910 255,790 20,390 42.230 34 460 431.579 421.300 15.990 10.680 Sales salaries expense Super-factory Miscellaneous costs-factory 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, 2016 Direct materials: Factory overhead: D D Total factory overhead Total manufacturing costs incurred in 2016 Total manufacturing coste Cost of goods manufactured 2. Prepare the 2016 income statement. Shanika Company Income Statement For the Year Ended December 31, 2016 Cost of good sold: Ojo Operating expenses: Administrative expenses: Selling expenses Total operating expenses