Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 2016: Inventories January 1 December 31 Materials $350,130 $437,660 630,230 595,220 Work in process Finished goods 605,720 608,350 Advertising expense $297,170 Depreciation expense-office equipment 42,020 Depreciation expense-factory equipment 56,460 Direct labor 674,000 Heat, light, and power-factory 22,320 Indirect labor 78,780 660,870 Materials purchased Office salaries expense 230,650 18,380 Property taxes-factory Property taxes-headquarters building Rent expense-factory 38,080 Exam 4 Pro 31,070 CNN Property taxes-factory 18,380 Property taxes-headquarters building 38,080 Rent expense-factory 31,070 3,094,260 Sales Sales salaries expense 379,890 Supplies-factory 15,320 Miscellaneous costs-factory 9,630 Required: