Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 2016: January 1 December 31 Inventories Materials Work in process Finished goods $375,190 675,340 649,080 $468,990 637,830 651,900 $318,440 45,020 60,500 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 Sales 722,240 23,920 84,420 708,170 247,160 19,700 40,800 33,300 3,315,760 Sales salaries expense 407,080 Supplies-factory Miscellaneous costs-factory Required: 16,410 10,320 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 Direct materials: Factory overhead: OOO OOOOOO Total factory overhead Total manufacturing costs incurred in 2016 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: Operating expenses: Administrative expenses: Selling expenses: Total operating expenses