Pioneer Parts, 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 . . . . . . . . . . . . . . . . . . . . . . . $ 18
Work-in-process inventory . . . . . . . . . . . . . . . . . . . . . . 24
Finished goods inventory . . . . . . . . . . . . . . . . . . . . . . . 328
Information for the year:
Administrative costs . . . . . . . . . . . . . . . . . . . . . . . . . . $ 720
Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,120
Direct materials purchases . . . . . . . . . . . . . . . . . . . . . 1,640
Factory and machine depreciation . . . . . . . . . . . . . . . 2,320
Factory supervision . . . . . . . . . . . . . . . . . . . . . . . . . . 420
Factory utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180
Indirect factory labor . . . . . . . . . . . . . . . . . . . . . . . . . . 560
Indirect materials and supplies . . . . . . . . . . . . . . . . . . 140
Marketing costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300
Property taxes on factory . . . . . . . . . . . . . . . . . . . . . . 56
Sales revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,080
Information on January 31 (Ending):
Direct materials inventory . . . . . . . . . . . . . . . . . . . . . . . $ 16
Work-in-process inventory . . . . . . . . . . . . . . . . . . . . . . 28
Finished goods inventory . . . . . . . . . . . . . . . . . . . . . . . 294

Required
Prepare an income statement with a supporting cost of goods sold statement.