Yolo Windows, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars).           Information on January 1 (Beginning):       Direct materials inventory $ 88   Work-in-process inventory   116   Finished goods inventory   1,680   Information for the year:       Administrative costs $ 3,660   Direct labor   12,900   Direct materials purchases   8,210   Factory and machine depreciation   11,640   Factory supervision   772   Factory utilities   929   Indirect factory labor   2,920   Indirect materials and supplies   692   Marketing costs   1,480   Property taxes on factory   287   Sales revenue   45,900   Information on December 31 (Ending):       Direct materials inventory $ 90   Work-in-process inventory   139   Finished goods inventory   1,510       Required: Prepare a cost of goods sold statement. Prepare an income statement.

Question

Yolo Windows, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars).
  

 

 

 

 

Information on January 1 (Beginning):

 

 

 

Direct materials inventory

$

88

 

Work-in-process inventory

 

116

 

Finished goods inventory

 

1,680

 

Information for the year:

 

 

 

Administrative costs

$

3,660

 

Direct labor

 

12,900

 

Direct materials purchases

 

8,210

 

Factory and machine depreciation

 

11,640

 

Factory supervision

 

772

 

Factory utilities

 

929

 

Indirect factory labor

 

2,920

 

Indirect materials and supplies

 

692

 

Marketing costs

 

1,480

 

Property taxes on factory

 

287

 

Sales revenue

 

45,900

 

Information on December 31 (Ending):

 

 

 

Direct materials inventory

$

90

 

Work-in-process inventory

 

139

 

Finished goods inventory

 

1,510

 

 

 

Required:

  1. Prepare a cost of goods sold statement.
  2. Prepare an income statement.

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