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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

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

Depreciation expense-factory equipment

56,160

Direct labor

670,800

Heat, light, and power-factory

22,460

Indirect labor

78,750

Materials purchased

659,800

Office salaries expense

185,000

Property taxes-factory

18,500

Property taxes-office building

32,400

Rent expense-factory

32,000

Sales

3,010,000

Sales salaries expense

420,000

Supplies-factory

15,400

Miscellaneous costs-factory

9,500

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.

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