The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $318,920 $395,460 Work in process 574,060 537,830 Finished goods 551,730 549,690 Line Item Description Amount Advertising expense $268,520 Depreciation expense-office equipment 37,960 Depreciation expense-factory equipment 51,010 Direct labor 609,010 Heat, light, and power-factory 20,170 Indirect labor 71,180 Materials purchased 597,140 Office salaries expense 208,410 Property taxes-factory 16,610 Property taxes-headquarters building 34,410 Rent expense-factory 28,080 Sales 2,795,900 Sales salaries expense 343,260 Supplies-factory 13,840 Miscellaneous costs-factory 8,700 Required: Question Content Area 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 Costs Type Amount Amount Amount $- Select - Direct materials: $- Select - - Select - $- Select - - Select - $- Select - - Select - Factory overhead: $- Select - - Select - - Select - - Select - - Select - - Select - - Select - Total factory overhead Total factory overhead Total manufacturing costs incurred in 20Y6 Total manufacturing costs incurred in 20Y6 Total manufacturing costs $Total manufacturing costs - Select - $- Select - Question Content Area 2. Prepare the 20Y6 income statement. Shanika Company Income Statement For the Year Ended December 31, 20Y6 Line Item Description Amount Amount Amount $- Select - Cost of good sold: $- Select - - Select - $- Select - - Select - - Select - $- Select - Operating expenses: Administrative expenses: $- Select - - Select - - Select - blank Total administrative expenses blank $Total administrative expenses blank Selling expenses: $- Select - - Select - blank Total selling expenses blank Total selling expenses blank Total operating expenses Total operating expenses