The following information is available for The NewQuest Corporation for 2016 December 31 Inventories Materials Work in process Finished goods January1 $351,000 631,800 608,400 $436,800 592,800 576,000 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and 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 ,010,000 420,000 15,400 9,500 actory Required: A. Prepare the 2016 statement of cost of goods manufactured. Cost of Goods Manufactured- S1,516,570. B. Prepare the 2016 income statement. Net Income-$485,110