Prepare Statements for a Manufacturing Company Pioneer Parts, a manufacturer of building items, reports the following account information for last year (all costs are in thousands of dollars):

Required Prepare an income statement with a supporting cost of goods sold statement.

Transcribed Image Text:

Information on January 1: Direct materials inventory Work-in-process inventory Finished goods inventory Information for the year: Administrative costs Direct labor Direct materials purchases Factory and machine depreciation $ 86 115 1,640 $ 3,650 12,600 8,240 11,640 Factory supervision 752 Factory utilities 954 Indirect factory labor 2,890 Indirect materials and supplies 682 Marketing costs. 1,520 Property taxes on factory 284 Sales revenue 45,400 Information on December 31: Direct materials inventory Work-in-process inventory Finished goods inventory $ 93 136 1,470