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 $195,570 $246,420 Work in process 352,030 335,130 Finished goods 338,340 342,520 $167,320 23,660 31,790 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor 379,490 12,570 44,360 372,090 129,860 10,350 21,440 Materials purchased Office salaries expense Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory Required: 17,500 1,742,190 213,890 8,620 5,420 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: Didi Factory overhead: IO Q000 Total factory overhead Total manufacturing costs incurred in 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 A Cost of good sold: Q000 Operating expenses: Administrative expenses: 200 Selling expenses: Total operating expenses