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 $294,670 $359,500 Work in process 530,410 488,920 Finished goods 509,780 499,710 $244,100 34,510 46,380 553,630 18,330 64,710 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 Sales 542,850 189,460 15,100 31,280 25,520 2,541,670 312,050 Sales salaries expense 12,580 Supplies-factory Miscellaneous costs-factory Required: 7,910 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: pii $ Factory overhead: Total factory overhead Total manufacturing costs incurred Total manufacturing costs Cost of goods manufactured 2. Prepare the income statement Shanika Company Income Statement For the Year Ended December 31, 2016 Cost of goods sold: 2. Prepare the income statement. Shanika Company Income Statement For the Year Ended December 31, 2016 Cost of goods sold: nin Operating expenses: Administrative expenses: Selling expenses: Total operating expenses Selling expenses: Total operating expenses