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 $425,620 $532,030 Work in process 766,120 723,560 Finished goods 736,320 739,520 Advertising expense $361,250 Depreciation expense-office equipment 51,070 Depreciation expense-factory equipment 68,630 Direct labor 819,330 Heat, light, and power-factory 27,130 Indirect labor 95,770 Materials purchased 803,370 Office salaries expense 280,380 Property taxes-factory 22,350 Property taxes-headquarters building 46,290 Rent expense-factory 37,770 Sales 3,761,450 461,800 Sales salaries expense 18,620 Supplies-factory Miscellaneous costs-factory 11,700 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, 20Y6 Direct materials: QQ 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: Qida bilib10 0 Total factory overhead Total manufacturing costs incurred in 2046 Total manufacturing costs Cost of goods manufactured 2. Prepare the 20Y6 income statement. Shanika Company Income Statement For the Year Ended December 31, 2016 Total manufacturing costs 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: Il Operating expenses: Administrative expenses: Selling expenses: Total operating expenses 0