The following information is available for The New Quest Corporation for 2016: Inventories January 1 December 31
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Question:
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.
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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