Yolo Windows, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars):
Information on January 1 (Beginning):
Direct materials inventory . . . . . . . . . . . . . . . . . . . . . . . $ 36
Work-in-process inventory . . . . . . . . . . . . . . . . . . . . . . 48
Finished goods inventory . . . . . . . . . . . . . . . . . . . . . . . 656
Information for the year:
Administrative costs . . . . . . . . . . . . . . . . . . . . . . . . $ 1,440
Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,240
Direct materials purchases . . . . . . . . . . . . . . . . . . . 3,280
Factory and machine depreciation . . . . . . . . . . . . . 4,640
Factory supervision . . . . . . . . . . . . . . . . . . . . . . . . 840
Factory utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360
Indirect factory labor . . . . . . . . . . . . . . . . . . . . . . . . 1,120
Indirect materials and supplies . . . . . . . . . . . . . . . . 280
Marketing costs . . . . . . . . . . . . . . . . . . . . . . . . . . . 600
Property taxes on factory . . . . . . . . . . . . . . . . . . . . 112
Sales revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,160
Information on December 31 (Ending):
Direct materials inventory . . . . . . . . . . . . . . . . . . . . . . . $ 32
Work-in-process inventory . . . . . . . . . . . . . . . . . . . . . . 56
Finished goods inventory . . . . . . . . . . . . . . . . . . . . . . . 588
Required
Prepare an income statement with a supporting cost of goods sold statement.