statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 2016: Inventories January 1 December 31 Materials $187,950 $231,180 Work in process 338,310 314,400 Finished goods 325,150 321,340 $156,970 22,190 29,820 356,020 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 11,790 41,610 349,080 121,830 9,710 20,110 Sales 16,410 1,634,440 200,660 Sales salaries expense Supplies-factory Miscellaneous costs-factory 8,090 5,090 Required: 1. Prepare the 2046 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: Total factory overhead Total manufacturing costs incurred in 2016 Total manufacturing costs Cost of goods manufactured 2. Prepare the 20Y6 income statement. Shanika Company Income Statement For the Year Ended December 31, 2016 Cost of good sold: od Operating expenses: Administrative expenses: Selling expenses: Total operating expenses od