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 $384,520 $480,650 Work in process 692,140 653,680 Finished goods 665,220 668,100 Advertising expense Depreciation expense-office equipment $326,360 46,140 Depreciation expense-factory equipment 62,000 Direct labor 740,200 Heat, light, and power-factory 24,510 Indirect labor 86,520 Materials purchased 725,780 Office salaries expense 253,300 Property taxes-factory 20,190 Property taxes-headquarters building 41,820 Rent expense-factory 34,130 Sales 3,398,200 Sales salaries expense 417,200 Supplies-factory 16,820 Miscellaneous costs-factory 10,570 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 Costs Type Amount Amount Amount Direct materials: Factory overhead: Total factory overhead Total manufacturing costs incurred in 2016 Total manufacturing costs 2. Prepare the 2016 Income statement. Shanika Company Income Statement For the Year Ended December 31, 20Y6 Line Item Description Amount Amount Cost of good sold: Operating expenses: Administrative expenses: Total administrative expenses Selling expenses: Total selling expenses Total operating expenses 00000 Q 0000 Amount