OBJ. 2,3 PR 18-5A Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for The New Quest 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 Advertising expense $ 296,400 Depreciation expense-office equipment 42,120 Depreciation expense--factory equipment 56,160 Direct labor 670,800 Heat, light, and power--factory 22.460 Indirect labor 78,750 Materials purchased 659,800 Office salaries expense 185,000 Property taxes-factory 18,500 Property taxes-office building 32,400 Rent expense-factory 32,000 Sales 3,010,000 Sales salaries expense 420,000 Supplies -factory 15,400 Miscellaneous costs---factory 9.500 Instructions 1. Prepare the 2016 statement of cost of goods manufactured. 2. Prepare the 2016 income statement