Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The followino information is availahle for Shanika Comnanv for 20Y6: Required: 1. Prepare the statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 20 Y6 Work in process inventory, January 1, 20Y6 Direct materials: Materials inventory, January 1, 20Y6 > Purchases Cost of materials available for use Less materials inventory, December 31, 20 Y6 Cost of direct materials used Direct labor 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 Total manufacturing costs Less work in process inventory, December 31, 20Y6 Cost of goods manufactured $ 2. Prepare the income statement. Shanika Company Income Statement For the Year Ended December 31, 20 Y6 Sales Cost of goods sold: Finished goods inventory, January 1,20Y6 Cost of goods manufactured Cost of finished goods available for sale Less finished goods inventory, December 31, 20Y6 Cost of goods sold Gross profit Operating expenses: Administrative expenses: Office salaries expense Depreciation expense-office equipment Property taxes-headquarters building Selling expenses: Sales salaries expense Total operating expenses Net income $ $