Statement of Cost of Goods Manufactured and Income Statement for a The following information is available for Shanika Company for 2016: Inventories January 1 December 31 Materials $370,210 $462,760 Work in process 666,380 629,350 Finished goods 640,460 643,240 Advertising expense $314,210 Depreciation expense-office equipment 44,420 Depreciation expense-factory equipment 59,700 Direct labor 712,650 Heat, light, and power-factory 23,600 Indirect labor 83,300 Materials purchased 698,770 Office salaries expense 243,870 Property taxes-factory 19,440 Property taxes-headquarters building 40,260 Rent expense-factory 32,860 Sales 3,271,710 Sales salaries expense 401,680 Supplies-factory 16,200 Miscellaneous costs-factory 10,180 Required: 1. Prepare the 20Y6 statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 2016 Work in process inventory, January 1, 2016 Direct materials: Check My Work 1 eBook Show Me How Print Item Statement of Cost of Goods Manufactured For the Year Ended December 31, 2016 Work in process inventory, January 1, 2016 Direct materials: Materials inventory, January 1, 2016 Purchases Cost of materials available for use Materials inventory, December 31, 2016 Cost of direct materials used in production Direct labor QORI QOQOL Factory overhead: Indirect labor Depreciation expense-factory equipment Heat, light, and power-factory Property taxes-factory Rent expense-factory Supplies-factory Miscellaneous costs-factory Total factory overhead Total manufacturing costs incurred in 2016 Total manufacturing costs Work in process inventory, December 31, 2016 Cost of goods manufactured Feedback Check My Work oping in rete inithe direct The cost of indemanarecerse the ment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress- bok Show Me How Print Item Income Statement For the Year Ended December 31, 2016 Sales Cost of good sold: Finished goods inventory, January 1, 2016 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, December 31, 2016 Cost of goods sold II Gross profit Operating expenses: Administrative expenses: Office salaries expense Depreciation expense-office equipment Property taxes-headquarters building DO JOO Selling expenses: Advertising expense Sales salaries expense Total operating expenses Net income Feedback Check My Work 2. Sales minus cost of goods sold equals gross profit. Gross profit minus operating expenses Feedbac