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.