The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $318,530 $398,160 Work in process 573,350 541,500 Finished goods 551,060 553,440 Advertising expense $270,350 Depreciation expense-office equipment 38,220 Depreciation expense-factory equipment 51,360 Direct labor 613,170 Heat, light, and power-factory 20,310 Indirect labor 71,670 Materials purchased 601,220 Office salaries expense 209,830 Property taxes-factory 16,720 Property taxes-headquarters building 34,640 Rent expense-factory 28,270 Sales 2,814,990 Sales salaries expense 345,600 Supplies-factory 13,940 Miscellaneous costs-factory 8,760 Required: 1. Prepare the statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y6 Direct materials: Factory overhead: Total factory overhead Total manufacturing costs incurred Total manufacturing costs Cost of goods manufactured - 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: Total operating expenses