P2-6A. Worksheet, Financial Statements, and Schedule of Cost of Goods Manufactured and Sold The

trial balance for Newton Manufacturing Corporation at the end of 2016 follows:

	Debit	Credit
Cash	$40,000
Accounts Receivable	248,000
Allowance for uncollectible accounts		$5,600
Materials Inventory	136,000
Work in Process inventory	80,000
Finished goods inventory	64,000
Land	140,000
Factory buildings	800,000
Accumulated depreciation Factory Buildings		184,000
Factory equipment	700,000
Accumulated depreciation Factory equipment		68,000
Accounts Payable		168,400
Long-term notes payable-8%		224,000
Common stock, $40 par value (All outstanding)		1,120,000
Retained earnings		228,000
Sales		1,680,000
Manufacturing overhead		72,000
Cost of goods sold	1,194,800
Selling expenses	203,200
Non-factory administrative	144,000 $3,750,000	_____ $3,750,000

The following information is available (adjusting entries have not been recorded):

1. Annual amounts of depreciation are factory buildings, $44,000 and factory equipment, $28,000.

2. Uncollectible accounts expense, 1/2% of sales. (Debit this expense to Selling Expenses.)

3. Estimated income taxes, $26,000.

4. January 1 inventories were materials, $164,000; work in process, $72,000; and nished goods,

$92,000.

5. Additional data needed for schedule of cost of goods manufactured and sold:

Net delivered cost of materials purchased	$380,000
Direct Labor	512,000
Indirect, material	47,000
Indirect labor	126,8000
Factory utilities	21,000
Factory repairs and maintenance	16,000
Factory property taxes	18,000

Required

a. Prepare a worksheet for 2016.

b. Prepare an income statement.

c. Prepare a balance sheet.

d. Prepare a schedule of cost of goods manufactured and sold