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

Question

The following information is available for The NewQuest 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 42,120 Income Statement equipment For the Year Ended December 31, 2016 Depreciation expense- factory 56,160 1 sales 2 Cost of goods sold: equipment $3,010,00000 Direct labor 670,800 3 Finished goods inventory, January 1, 2016 $608400.00 Heat, light, and power-factory Indirect labor 78,750 4 Cost of goods manufactured 1,516,570.00 Materials purchased 5 Cost of finished goods available for sale 659,800 ( $2,124,97000 I Office salaries expense 185,000 6 Less finished goods inventory, December 31, 2016 Property taxes-factory 18,500 7 Cost of goods sold Property taxes-office building 32,400 3 Gross profit Rent expense-factory 32,000 Sales 3,010,000 Sales salaries expense 420,000 Supplies-factory 15,400 Miscellaneous costs-factory 9,500

Explanation / Answer

cost sheet

Direct material 574000

direct labour 670800

direct expense 22460

supplies 15400

Prime cost 1282660

depriciation 56160

rent 32000

indirect labour 78750

tax 18500

miscllaneous 9500

Work cost 1477570

Opeining WIP 631800

Closing WIP - 592800

Cost of production 1516570

Opeining finished good 608400

closing finished good -576000

cogs 1548970

income statement

sale 3010000

- cogs -1548970

grossprofit 4558970

advertisent exp 296400

depriciation 42120

office salary 185000

property tax 32400

sale salary 420000

Net Profit 3583050

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