Complete the Income Statement

The following information is available for The NewQuest Corporation for 2016: Inventories January 1 December 31 Materials $351,000 $436,800 Work in process 631,800 592,800 Finished goods 608,400 576,000 December 31 Advertising expense $ 296,400 Depreciation expense-office 42,120 Income Statement equipment For the Year Ended December 31, 2016 Depreciation expense- factory 56,160 1 sales 2 Cost of goods sold: equipment $3,010,00000 Direct labor 670,800 3 Finished goods inventory, January 1, 2016 $608400.00 Heat, light, and power-factory Indirect labor 78,750 4 Cost of goods manufactured 1,516,570.00 Materials purchased 5 Cost of finished goods available for sale 659,800 ( $2,124,97000 I Office salaries expense 185,000 6 Less finished goods inventory, December 31, 2016 Property taxes-factory 18,500 7 Cost of goods sold Property taxes-office building 32,400 3 Gross profit Rent expense-factory 32,000 Sales 3,010,000 Sales salaries expense 420,000 Supplies-factory 15,400 Miscellaneous costs-factory 9,500