Problem $2-65($Algo$)$ Prepare Statements for a Manufacturing Company $($LO $2-2,4)$

East Ferry Tool & Die, a manufacturer of parts for agricultural equipment, provides the following financial information for the most recent fiscal year $($all costs are in thousands of dollars$)$:

$($$$000)$

Inventories:

As of January $1$:

Direct materials $ $217$

Work$-$in$-$process $226$

Finished goods $794$

As of December $31$:

Direct materials $ $224$

Work$-$in$-$process $219$

Finished goods $813$

Other amounts $($for the year$)$:

Administrative costs $3,240$

Direct labor $5,246$

Direct material purchases $6,374$

Indirect plant labor $3,258$

Indirect plant supplies $822$

Machine depreciation $5,651$

Marketing costs $1,154$

Plant depreciation $1,405$

Plant supervision $1,126$

Plant utilities $803$

Property taxes on plant and equipment $451$

Sales revenue $37,234$

Required:

Prepare a cost of goods sold statement.

Prepare an income statement.

rrepare a cost or gooas soia statement.

Note: Enter your answers in thousands of dollars $($i$.$e$.,234,000$ should be entered as $234).$

COGS Stmt

Prepare an income statement.

Note: Enter your answers in thousands of dollars $($i$.$e$.,234,000$ should be entered as $23$