The following information is available for The NewQuest Corporation for 2016: Inventories January 1 December 31 Materials $346,000 $436,600 Work in process 625,200 590,200 Finished goods 608,400 573,500 December 31 Advertising expense $ 294,800 Depreciation expense-office equipment 43,920 Depreciation expense-factory equipment 55,720 Direct labor 668,800 Heat, light, and power-factory 22,280 Indirect labor 77,250 Materials purchased 659,000 Office salaries expense 185,100 Property taxes-factory 15,300 Property taxes-office building 33,000 Rent expense-factory 32,700 Sales 3,014,000 Sales salaries expense 419,000 Supplies-factory 15,000 Miscellaneous costs-factory 9,100 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. Amount Descriptions Amount Descriptions Advertising expense Cost of direct materials used Cost of finished goods available for sale Cost of goods manufactured Cost of goods sold Cost of materials available for use Depreciation expense-factory equipment Depreciation expense-office equipment Direct labor Finished goods inventory, December 31, 2016 Finished goods inventory, January 1, 2016 Gross profit Heat, light, and power-factory Indirect labor Materials inventory, December 31, 2016 Materials inventory, January 1, 2016 Miscellaneous cost-factory Net income Office salaries expense Property taxes-factory Property taxes-office building Purchases Rent expense-factory Sales Sales salaries expense Supplies-factory Total manufacturing costs incurred Total operating expenses Work in process inventory, December 31, 2016 Work in process inventory, January 1, 2016 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. Score: 0/164 The NewQuest Corporation Statement of Cost of Goods Manufactured For the Year Ended December 31, 2016 1

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