PR 1-5A Statement of cost of goods manufactured and income statement for a OBJ. 2, 3 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 Depreciation expense-office equipment Depreciation expense--factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-office building Rent expense--factory Sales Sales salaries expense Supplies---factory Miscellaneous costs-factory $ 296,400 42,120 56,160 670,800 22,460 78,750 659,800 185,000 18,500 32,400 32,000 3,010,000 420,000 15,400 9,500 Instructions 1. Prepare the 2016 statement of cost of goods manufactured. 2. Prepare the 2016 income statement