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The following information is available for Shanika Company for 20Y6:

Inventories January 1 December 31
Materials $402,820 $491,440
Work in process 725,080 668,360
Finished goods 696,880 683,100
Advertising expense $333,690
Depreciation expense-office equipment 47,180
Depreciation expense-factory equipment 63,400
Direct labor 756,820
Heat, light, and power-factory 25,060
Indirect labor 88,460
Materials purchased 742,070
Office salaries expense 258,990
Property taxes-factory 20,640
Property taxes-headquarters building 42,760
Rent expense-factory 34,890
Sales 3,474,480
Sales salaries expense 426,570
Supplies-factory 17,200
Miscellaneous costs-factory 10,810

Required:

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
$
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
$
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