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:

As of January $1$:

Direct materials

Work$-$in$-$process

Finished goods

As of December $31$:

Direct materials

Work$-$in$-$process

Finished goods

$($$$000)$

Finished goods

Admints anounts $($for the year$)$:

Administrative costs

Direct labor

Direct material purchases

Indirect plant labor

Indirect plant supplies

Machine depreciation

Marketing costs

Plant depreciation

Plant supervision

Plant utilities

Property taxes on plant and

equipment

$$247$

$256$

$824$

Sales revenue

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 a cost of goods sold statement.

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