The following information is available for The NewQuest Corporation for 2016: Inventories January 1 December 31 Materials $78,900 $93,850 Work in process 109,800 95,500 Finished goods 113,750 109,000 December 31 Advertising expense $ 68,200 Depreciation expense-office equipment 21,000 Depreciation expense-factory equipment 14,780 Direct labor 186,800 Heat, light, and power-factory 5,650 Indirect labor 24,700 Materials purchased 123,600 Office salaries expense 74,900 Property taxes-factory 4,000 Property taxes-office building 13,800 Rent expense-factory 6,550 Sales 862,500 Sales salaries expense 138,500 Supplies-factory 2,750 Miscellaneous costs-factory 5,120 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. X Statement of Cost of Goods Manufactured Shaded cells have feedback. A. Prepare the 2016 statement of cost of goods manufactured. 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. Question not attempted. Score: 0/164 The NewQuest Corporation Statement of Cost of Goods Manufactured For the Year Ended December 31, 2016 1 2 Direct materials: 3 4 5 6 7 8 9 Factory overhead: 10 11 12 13 14 15 16 17 Total factory overhead 18 19 Total manufacturing costs 20 21 Points: 0 / 36 Feedback Check My Work A. The cost of goods manufactured is the beginning work in process plus the cost of direct materials used in production plus direct labor and factory overhead, less the ending work in process. X Income Statement Shaded cells have feedback. 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. Score: 0/130 The NewQuest Corporation Income Statement For the Year Ended December 31, 2016 1 2 Cost of goods sold: 3 4 5 6