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 $231,160 $284,330 Work in process 416,090 386,690 Finished goods 399,910 395,220 Advertising expense $193,060 Depreciation expense-office equipment 27,300 Depreciation expense-factory equipment 36,680 Direct labor 437,870 Heat, light, and power-factory 14,500 Indirect labor 51,180 Materials purchased 429,340 Office salaries expense 149,840 Property taxes-factory 11,940 Property taxes-headquarters building 24,740 Rent expense-factory 20,190 Sales 2,010,210 Sales salaries expense 246,800 Supplies-factory 9,950 Miscellaneous costs-factory 6,260 Required: 1. Prepare the 20Y6 statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y6 $ Direct materials: $ $ $ Factory overhead: $ Total factory overhead Total manufacturing costs incurred in 20Y6 Total manufacturing costs $ Cost of goods manufactured $ 2. Prepare the 20Y6 income statement. Shanika Company Income Statement For the Year Ended December 31, 20Y6 $ Cost of good sold: $ $ $ Operating expenses: Administrative expenses: $ $ Selling expenses: $ Total operating expenses $ Check My Work