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 $351,660 $443,090 Work in process 632,990 602,600 Finished goods 608,370 615,900 $300,860 42,540 57,160 682,360 22,600 79,760 669,070 233,510 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 Sales salaries expense Supplies-factory Miscellaneous costs-factory Required: 18,610 38,550 31,460 3,132,650 384,600 15,510 9.750 Miscellaneous costs factory 9,750 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: $ Factory overhead: Total factory overhead Total manufacturing costs incurred in 2015 Total manufacturing costs $ Total factory overhead Total manufacturing costs incurred in 2016 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: V DITO Operating expenses Administrate expenses 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: Operating expenses: Administrative expenses: M Selling expenses Total operating expenses