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

Inventories	January 1	December 31
Materials	$77,250	$93,600
Work in process	108,800	96,700
Finished goods	112,500	108,400

	December 31
Advertising expense	$ 67,800
Depreciation expense-office equipment	23,000
Depreciation expense-factory equipment	14,600
Direct labor	186,100
Heat, light, and power-factory	5,550
Indirect labor	23,800
Materials purchased	123,800
Office salaries expense	78,300
Property taxes-factory	4,145
Property taxes-office building	13,800
Rent expense-factory	6,550
Sales	861,500
Sales salaries expense	138,500
Supplies-factory	4,750
Miscellaneous costs-factory	4,420

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

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.

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

X

Income Statement

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.

The NewQuest Corporation

Income Statement

For the Year Ended December 31, 2016

1
2	Cost of goods sold:
3