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

$1\mathrm{.}91$

points

East Ferry Tool $\backslash$& 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$)$:

$\backslash$begin$\{$tabular$\}\{|$lr$|\}$

$\backslash$hline Inventories: & $(\backslash$$$000)\backslash \backslash$

As of January $1$: & $\backslash \backslash$

Direct materials & $\backslash (\backslash$$ $117\backslash )\backslash \backslash$

Work$-$in$-$process & $126\backslash \backslash$

Finished goods & $694\backslash \backslash$

As of December $31$: & $\backslash (\backslash$$ $124\backslash )\backslash \backslash$

Direct materials & $119\backslash \backslash$

Work$-$in$-$process & $713\backslash \backslash$

Finished goods & $\backslash \backslash$

Other amounts $($for the year$)$: & $2,240\backslash \backslash$

Administrative costs & $4,246\backslash \backslash$

Direct labor & $5,374\backslash \backslash$

Direct material purchases & $2,258\backslash \backslash$

Indirect plant labor & $722\backslash \backslash$

Indirect plant supplies & $4,651\backslash \backslash$

Machine depreciation & $1,054\backslash \backslash$

Marketing costs & $1,305\backslash \backslash$

Plant depreciation & $1,026\backslash \backslash$

Plant supervision & $703\backslash \backslash$

Plant utilities & $351\backslash \backslash$

Property taxes on plant and equipment & $27,234\backslash \backslash$

Sales revenue &

$\backslash$end$\{$tabular$\}$

Required:

a$.$ Prepare a cost of goods sold statement.

b$.$ Prepare an income statement. Complete this question by entering your answers in the tabs below.

COGS Stmt

Income Stmt

Prepare a cost of goods sold statement.

Note: Enter your answers in thousands of dollars $($i$.$e$.,234,000$ should be entered as $234).$ Complete this question by entering your answers in the tabs below.

COGS Stmt

Income Stmt

Prepare an income statement.

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

$\backslash$begin$\{$tabular$\}\{|$l$|$r$|$r$|\}$

$\backslash$hline $\backslash$multicolumn$\{2\}\{|$c$|\}\{\backslash$begin$\{$tabular$\}\{$c$\}$

East Ferry Tool $\backslash$& Die $\backslash \backslash$

Income Statement

$\backslash$end$\{$tabular$\}\}\backslash \backslash$

$\backslash$hline For the Year Ended December $31\backslash \backslash$

$\backslash ((\backslash$$ $000)\backslash )$ & & $\backslash \backslash$

$\backslash$hline & & $\backslash \backslash$

$\backslash$hline & & $\backslash \backslash$

$\backslash$hline & & $\backslash \backslash$

$\backslash$hline Total marketing and administrative costs & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$