Statement of cost of goods manufactured and income statement for a manufacturing company

Instructions

Amount Descriptions

Statement of Cost of Goods Manufactured

Income Statement

X

Instructions

The following information is available for The NewQuest Corporation for 2016:

Inventories	January 1	December 31
Materials	$347,000	$435,000
Work in process	627,000	590,600
Finished goods	608,200	571,000

	December 31
Advertising expense	$ 295,200
Depreciation expense-office equipment	44,400
Depreciation expense-factory equipment	55,000
Direct labor	669,600
Heat, light, and power-factory	22,480
Indirect labor	76,750
Materials purchased	658,600
Office salaries expense	185,300
Property taxes-factory	18,200
Property taxes-office building	32,400
Rent expense-factory	32,500
Sales	3,016,000
Sales salaries expense	419,000
Supplies-factory	15,900
Miscellaneous costs-factory	9,600

Required:

A.

Prepare the 2016 statement of cost of goods manufactured.*

B.

Prepare the 2016 income statement.*

* Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Less or Plus will automatically appear if it is required. Enter all amounts as positive numbers.