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: 1 Direct materials Work-in-process Finished goods (5000) $ 57 66 634 $64 59 653 Other amounts (for the year): Administrative costs 1,640 Direct labor 3,646 Direct material purchases 4,774 Indirect plant labor 1,658 Indirect plant supplies 662 Machine depreciation 4,051 Marketing costs Plant depreciation Plant supervision Plant utilities Property taxes on plant and equipment Sales revenue Required: a. Prepare a cost of goods sold statement. 994 1,245 966 643 291 21,234 a. Prepare a cost of goods sold statement. b. Prepare an income statement. Complete this question by entering your answers in the tabs below. COGS Stmt Income Stmt Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234). East Ferry Tool & Die Statement of Cost of Goods Sold For the Year Ended December 31 Manufacturing costs Direct materials. Manufacturing overhead ($000) Manufacturing overhead Total manufacturing overhead Total manufacturing costs Total cost of work in process during the year Costs of goods manufactured during the year Cost of goods sold b. Prepare an income statement. Complete this question by entering your answers in the tabs below. COGS Stmt Income Stmt Prepare an income statement. Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234). East Ferry Tool & Die Income Statement For the Year Ended December 31 (5000) Total marketing and administrative costs < Prev 4 of 4 Next