Inventory information: Direct materials Work-in-process Finished goods 1/1/00 $ 56 B4 995 12/31/00 $ 63 76 1,021 Other Information Administrative coats Depreciation (Factory) Depreciation (Machines Direct labor Direct materiale purchased Indirect labor (Factory) Indirect materials (Factory) Property taxes (Factory) Selling costo Sales revenue Utilities (Factory) For the year 100 $ 2,900 3,180 4,700 7,300 5,230 1,750 560 225 1,150 34.110 610 Required: 1. Prepare a cost of goods sold statement. 2. Prepare an income statement Complete this question by entering your answers in the tabs below. COGS Stmt Income Stmt $ 84 Statement of Cost of Goods Sold For the Year Ended December 31 (5000) Beginning work-in-process, Jan. 1 Manufacturing costs: Direct materials: Beginning inventory, Jan. 1 $ 56 Add: Material purchases 5,230 Direct materials available $ 5,286 Less: Ending Inventory, Dec. 31 63 Direct materials used Direct labor Manufacturing overhead: Depreciation (factory) $ 3,180 Depreciation (machines) 4,700 Indirect labor (factory) 1.750 Indirect materials (factory) 560 225 Property taxes on factory $ 5,223 7,300 10,415 Total manufacturing overhead Total manufacturing costs Total cost of work-in-process during the year Less: Ending work-in-process, Dec. 31 76 2 $ 5,2301 5,286 63 $ 5,223 7.300 ts Ada: Matera purchases Direct materials available Less: Ending inventory, Dec. 31 Direct materials used Direct labor Manufacturing overhead: Depreciation (factory) Depreciation (machines) Indirect labor (factory) Indirect materials (factory) Property taxes on factory Book Print 3,180 4,700 1,750 560 225 rences 10,415 76 Total manufacturing overhead Total manufacturing costs Total cost of work-in-process during the year Less: Ending work-in-process, Dec. 31 Costs of goods manufactured during the year Beginning finished goods, Jan. 1 Finished goods inventory available for sale Less: Ending finished goods inventory, Dec. 31 Cost of goods sold 995 1,021 COGS Stmt Income Stmt > Prepare an income statement. (Enter your answers in thousands of dollars (i.e. MESA DESIGNS Income Statement For the Year Ended December 31 ($000) Sales revenue Less: Cost of goods sold Gross margin Selling costs $ 1,150 Administrative costs 2,900 $ 34,110 Total selling and administrative costs Operating profit 4,050 20,020 $