The following information is available for Shanika Company for 2016: Inventories January 1 December 31 Materials $341,950 $430,860 Work in process 615,510 585,970 Finished goods 591,570 598,900 Advertising expense $292,550 41,360 Depreciation expense-office equipment Depreciation expense-factory equipment 55,580 Direct labor 663,520 21,970 Heat, light, and power-factory Indirect labor 77,550 Materials purchased 650,600 Office salaries expense 227,060 Property taxes-factory 18,100 37,480 Property taxes-headquarters building Rent expense-factory Sales 30,590 3,046,180 Sales salaries expense 373,990 15,080 Supplies-factory Miscellaneous costs-factory 9,480 1. Prepare the statement of cost of goods manufactured! Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 2016 Direct materials: Factory overhead: Total factory overhead Total manufacturing costs incurred Total manufacturing costs th Total manufacturing costs Cost of goods manufactured 2. Prepare the income statement. Shanika Company Income Statement For the Year Ended December 31, 20Y6 Cost of goods sold: Operating expenses: Administrative expenses: Selling expenses: 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