Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: January 1 December 31 Inventories Materials $324,000 $398,520 Work in process 583,200 541,990 Finished goods 560,520 553,940 Advertising expense $270,600 38,260 51,410 Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory 613,720 20,320 Indirect labor 71,730 601,770 210,020 Materials purchased Office salaries expense Property taxes-factory Property taxes-headquarters building 16,740 34,670 Rent expense-factory 28,290 Sales 2,817,540 Sales salaries expense 345,920 Supplies-factory 13,950 Miscellaneous costs-factory 8,770 Required: 1. Prepare the statement of cost of goods manufactured. 2. Prepare the income statement. Shanika Company Income Statement For the Year Ended December 31, 2016 Cost of goods sold: 00 Operating expenses: Administrative expenses: Selling expenses: Total operating expenses $ 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 Cost of goods manufactured