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

Inventories	January 1	December 31
Materials	$78,950	$95,200
Work in process	110,000	95,000
Finished goods	114,750	109,800

	December 31
Advertising expense	$ 68,300
Depreciation expense-office equipment	21,500
Depreciation expense-factory equipment	14,460
Direct labor	186,700
Heat, light, and power-factory	5,800
Indirect labor	24,260
Materials purchased	121,600
Office salaries expense	74,850
Property taxes-factory	4,035
Property taxes-office building	13,250
Rent expense-factory	6,025
Sales	863,500
Sales salaries expense	135,000
Supplies-factory	3,500
Miscellaneous costs-factory	5,280

	Required:
A.	Prepare the 2016 statement of cost of goods manufactured.*
B.	Prepare the 2016 income statement.* Amount Descriptions Advertising expense Cost of direct materials used Cost of finished goods available for sale Cost of goods manufactured Cost of goods sold Cost of materials available for use Depreciation expense-factory equipment Depreciation expense-office equipment Direct labor Finished goods inventory, December 31, 2016 Finished goods inventory, January 1, 2016 Gross profit Heat, light, and power-factory Indirect labor Materials inventory, December 31, 2016 Materials inventory, January 1, 2016 Miscellaneous cost-factory Net income Office salaries expense Property taxes-factory Property taxes-office building Purchases Rent expense-factory Sales Sales salaries expense Supplies-factory Total manufacturing costs incurred Total operating expenses Work in process inventory, December 31, 2016 Work in process inventory, January 1, 2016

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