Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 2076: Inventories January 1 December 31 Materials $232,370 $285,820 Work in process 418,270 388,720 Finished goods 402,000 397,290 $194,070 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment 27,440 36,870 Direct labor 440,160 Heat, light, and power-factory 14,580 Indirect labor Materials purchased Office salaries expense 51,450 431,590 150,630 12,000 24,870 20,290 Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales Sales salaries expense 2,020,750 248,090 Supplies-factory 10,000 248,090 Sales salaries expense Supplies-factory Miscellaneous costs-factory 10,000 6,290 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, 2016 $ Direct materials: (0) 2101 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, 2016 Cost of good sold: Shanika Company Income Statement For the Year Ended December 31, 2016 Cost of good sold: Operating expenses: Administrative expenses: Selling expenses: Total operating expenses