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The following information is available for The New Quest 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
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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