The data for the drop down boxes are the inventories

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 $258,700 $320,790 Work in process 465,660 436,270 Finished goods 447,550 445,900 Advertising expense $217,820 Depreciation expense-office equipment 30,800 Depreciation expense-factory equipment 41,380 Direct labor 494,020 Heat, light, and power-factory 16,360 Indirect labor 57,740 Materials purchased 484,390 Office salaries expense 169,060 Property taxes-factory Property taxes-headquarters building 13,470 27,910 Rent expense-factory 22,780 Sales 2,267,990 Sales salaries expense 278,450 Supplies-factory 11,230 Total factory overhead Total manufacturing costs incurred Total manufacturing costs Cost of goods manufactured 2. Prepare the income statement. Shanika Company Income Statement For the Year Ended December 31, 2016 Cost of goods sold: $ $ Operating expenses: Administrative expenses: Selling expenses: Total operating expenses