Statement of of cost of Goods Manufactured Income statement Instructions 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 equipment 42,120 56,160 Depreciation expense factory equipment 670,800 Direct labor 22,460 Heat, light, and power factory 78,750 Indirect labor 659,800 Materials purchased 185,000 Office salaries expense Previous Check My Work Save and Exit submit Assignment for Gradi All work saved. ment Score: 68.44%