Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $305,220 $372,370 Work in process 549,400 506,420 Finished goods 528,030 517,590 Advertising expense $252,840 Depreciation expense-office equipment 35,750 Depreciation expense-factory equipment 48,040 Direct labor 573,450 Heat, light, and power-factory 18,990 Indirect labor 67,030 Materials purchased 562,280 Office salaries expense 196,240 Property taxes-factory 15,640 Property taxes-headquarters building 32,400 Rent expense-factory 26,440 Sales 2,632,660 Sales salaries expense 323,220 13,030 Supplies-factory 8,190 Miscellaneous costs-factory 1. Prepare the 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: DI pulli. Total factory overhead Total manufacturing costs incurred Total manufacturing costs incurred Total manufacturing costs ODO Cost of goods manufactured 2. Prepare the income statement. Shanika Company Income Statement For the Year Ended December 31, 2016 $ Cost of goods sold: DO Operating expenses: Administrative expenses: Selling expenses: Total operating expenses