Question: QUANTITATIVE ANALYSIS: It is advisable to document all your work and calculations as applicable. (1) Consider the following account balances in thousands for the Yankee

QUANTITATIVE ANALYSIS: It is advisable to document all your work and calculations as applicable.

(1) Consider the following account balances in thousands for the Yankee Company for the year ended December 31, 2019:

Direct Materials Inventory, Beginning $58,000

Direct Material Inventory, Ending $32,000

Work in Process, Beginning $38,000

Work in Process, Ending $16,000

Finished Goods Inventory, Beginning $29,000

Finished Goods Inventory, Ending $12,000

Direct Materials Purchased $99,000

Direct Labor $94,000

Indirect Labor $14,000

Plant insurance $29,000

Other insurance $18,000

Salaries Nonproduction $65,000

Depreciation plant $15,000

Depreciation other $10,000

Repairs & Maintenance plant $38,000

Marketing & Customer support $75,000

Plant rent $18,000

General & Admin $38,000

Required: Prepare a statement of cost of goods manufactured and an income statement for the year ended December 31, 2019, please note sales were $345,000,000

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