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$)$:

Inventories:

$($$$000)$

As of January $1$:

Direct materials

Work$-$in$-$process

$$247$

Finished goods

As of December $31$:

Direct materials

Work$-$in$-$process

Finished goods

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

Administrative costs $,3,540$

Direct labor $5,546$

Direct material purchases $6,674$

Indirect plant labor $3,558$

Indirect plant supplies $,852$

Machine depreciation $5,951$

Marketing costs $1,184$

Plant depreciation $1,435$

Plant supervision $1,156$

Plant utilities

Property taxes on plant and

equipment

Sales revenue

$40,234$

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.

Prepare an income statement.

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