The following information is available for Shanika Company for 20Y6: Inventories December 31 January 1 Materials $369,310 $454,250 Work in process 664,760 617,780 Finished goods 638,910 631,410 Advertising expense $308,440 Depreciation expense-office equipment 43,610 Depreciation expense-factory equipment 58,600 Direct labor 699,550 Heat, light, and power-factory 23,170 Indirect labor 81,770 Materials purchased 685,920 Office salaries expense 239,390 Property taxes-factory 19,080 Property taxes-headquarters building 39,520 Rent expense-factory 32,250 Sales 3,211,550 Sales salaries expense 394,290 Supplies-factory 15,900 Miscellaneous costs-factory 9,990 Required: 1. Prepare the 20Y6 statement of cost of goods manufactured. 1. Prepare the 20Y6 statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y6 Work in process inventory, January 1, 20Y6 Direct materials: Factory overhead: Total factory overhead Total manufacturing costs incurred in 20Y6 Total manufacturing costs Cost of goods manufactured 2. Prepare the 20Y6 income statement. Shanika Company Income Statement For the Year Ended December 31, 20Y6 Cost of good sold: Operating expenses: Administrative expenses: Selling expenses: Total operating expenses