The following information is available for The NewQuest Corporation for 2016:

Instructions
1. Prepare the 2016 statement of cost of goods manufactured.
2. Prepare the 2016 income statement.

Transcribed Image Text:

December 31 Inventories Materials Work in process Finished goods January 1 $351,000 631,800 608,400 $436,800 592,800 576,000 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-office building Rent expense- factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory s 296,400 42,120 56,160 670,800 22,460 78,750 659,800 185,000 18,500 32,400 32,000 3,010,000 420,000 15,400 9,500