Kessler Brothers produces products for farms and ranches. The administrative and manufacturing operations occupy the same 240,000-square-foot building. The manufacturing plant uses 180,000 square feet. Depreciation is assigned based on building use. Indirect labor represents 15 percent of the total manufacturing plant labor.

The financial information for the year just ended is shown as follows: 

Required

Prepare a cost of goods manufactured and sold statement and an income statement. 

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123 3 Administrative A (Thousands of Dollars) costs 4 Total building depreciation 5 Direct materials inventory, January 1 6 Direct materials inventory, December 31 7 Direct materials purchased during the year 8 Finished goods inventory, December 31 9 Indirect labor 10 Maintenance on plant machinery 11 Marketing costs 12 Operating profit 13 Other plant overhead 14 Plant supervision and administration 15 Plant supplies and indirect materials 16 Sales revenue 17 Taxes on manufacturing property 18 Work-in-process inventory, January 1 19 Work-in-process inventory, December 31 20 $ B 480 1,200 45 60 4,710 240 540 420 360 2,880 249 465 201 15,000 351 240 330