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Problem 2-74 (Algo) Reconstruct Financial Statements (LO 2-1, 6) 35 40 Westlake, Inc. produces metal fittings for the aerospace industry. The administrative and manufacturing operations occupy the same 200,000 square foot building. The manufacturing plant uses 150,000 square feet. Depreciation is assigned based on bullding use. Indirect labor represents 15 percent of the total manufacturing plant labor The financial Information for the year just ended is shown as follows. Thousands of dollars) Administrative conta 5360 Total building depreciation 800 Direct materials inventory, January 1 Direct materials inventory, December 31 Direct materiale purchased during the year 1.590 Finished goods Inventory, December 31 100 Indirect labor 300 Maintenance on plant machinery 160 Marketing costs 140 Operating profit 1.040 Other plant overhead 103 Plant supervision and administration 175 Plant supplies and indirect materials Sales revenue 7.000 Taxes on manufacturing property 137 Work-in-process inventory, January 1 100 130 Work-in-procese inventory, December 31 Required: 1. Prepare a cost of goods manufactured and sold statement 2. Prepare an income statement Complete this question by entering your answers in the tabs below. COGM and COGS Stmts Income Stmt Prepare a cost of goods manufactured and sold statement. (Enter your answers in thousands of dollars (... 234,000 should be entered as 234)3 WESTLAKE, INC COGM and COGS Stmts Income Stmt Prepare a cost of goods manufactured and sold statement. (Enter your answers in thousands of dollars (ie, 234,000 should be entered as 234)) WESTLAKE, INC. Coat of Goods Manufactured and Sold Statement For the Year Ending December 31 (Thousands of Dollars) Manufacturing costs: Direct materials: Manufacturing overhead: Tots Overhead Total manufacturing costs Total cost of work-in-process during the year Costs of goods manufactured this year Cost of goods available for sale Cost of goods sold COGM CS Income Stmt> Complete this question by entering your answers in the tabs below. COGM and COGS Stmts Income Stmt Prepare an income statement. (Enter your answers in thousands of dollars (..., 234,000 should be entered as 234)) WESTLAKE, INC. Income Statement For the Year Ending December 31 (Thousands of Dollars) 5 Total operating costs