The following Information is available for Shanika Company for 2016: Inventories January 1 December 31 Materials $77,350 $95,550 Work in process 109,200 96,200 Finished goods 113,750 1 00,100 5,850 Advertising expense $68,250 Depreciation expense-office equipment 22,750 Depreciation expense-factory equipment 14,560 Direct labor 186,550 Heat, light, and power-factory Indirect labor 23,660 Materials purchased 123,500 Office salaries expense 77,350 Property taxes-factory 4,095 Property taxes-headquarters building 13,650 Rent expense-factory 6,825 Sales 864,500 Sales salaries expense 136,500 Supplies-factory 3,250 Miscellaneous costs-factory 4,420 Required: 1. Prepare the 20Y6 statement of cost of goods manufactured