Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 2016: Inventories Materials Work in process Finished goods January 1 December 31 $405,840 $495,120 730,510 673,360 702,100 688,220 Advertising expense $336,190 Depreciation expense-office equipment 47,530 Depreciation expense-factory equipment 63,870 762,480 25,250 Direct labor Heat, light, and power-factory Indirect labor Materials purchased 89,120 747,630 260,930 Office salaries expense Property taxes-factory 20,800 43,080 Property taxes-headquarters building 35,150 Rent expense-factory Sales Sales salaries expense 3,500,500 429,760 17,330 Supplies-factory Miscellaneous costs-factory 10,890 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, 2046 Direct materials: Factory overhead: Total factory overhead Total manufacturing costs incurred in 2046 Total manufacturing costs Cost of goods manufactured 2. Prepare the 2016 income statement. Shanika Company Income Statement For the Year Ended December 31, 2046 Cost of good sold: Accounting numeric field Operating expenses: Administrative expenses: un Selling expenses: Total operating expenses