Solution-Prepare the 2016 statement of cost of goods

Prepare the 2016 statement of cost of goods manufactured

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Reference no: EM13965049

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

	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.

Reference no: EM13965049

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Prepare the 2016 statement of cost of goods manufactured

Reference no: EM13965049

Reference no: EM13965049

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