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Statement of Cast of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 2016: Inventories Materials Work in process Finished goods January 1 December 31 $391,430 $485,370 704,570 660,100 677,170 674,660 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 $329,570 46,600 62,610 747,470 24,750 87,370 732,910 255,790 20,390 42.230 34,460 3,431,570 421,300 16.990 10.680 Sales salaries expense Supplies-factory Miscellaneous costs-factory 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 Work in process inventory, January 1, 2016 Direct materials: Materials inventory, January 1, 2016 391.430 704,570 Purchases 732,910 Cost of materials available for use 1,124,340 Materials inventory, December 31, 2016 485,370 Cost of direct materials used in production $638,970 747470 Direct labor 62.610 24,750 87 370 Factory overhead: Indirect labor Depreciation expense-factory equipment Heat, light, and power factory Property taxes factory Rent expense-factory Supplies factory Miscellaneous costs factory 20,390 34.460 16.990 10,680 82 520 1,468.960 Total factory overhead Total manufacturing costs incurred in 2016 Total manufacturing costs Work in process inventory, December 31, 2016 2.173.530 660.100 Cost of goods manufactured 1513.430 x 3,431,570 677,170 1,513,430 2. Prepare the 20Y6 income statement. Shanila Company Income Statement For the Year Ended December 31, 2016 Sales Cost of good sold: Finished goods inventory, January 1, 2016 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, December 31, 2016 Cost of goods sold Gross profit Operating expenses: Administrative expenses: Office salaries expense $ 255,790 2,190,600 674,660 1,515,940 $ 1,915,630 Depreciation expense-office equipment 46,600 42230 344,620 Property taxes headquarters building Selling expenses: Advertising expense Sales salaries expense $329,570 421 300 750,870 Total operating expenses Net income 1.095,490 820,140 x