7.

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	$	84
Work-in-process inventory		115
Finished goods inventory		1,680
Information for the year:
Administrative costs	$	3,700
Direct labor		12,300
Direct materials purchases		8,300
Factory and machine depreciation		11,690
Factory supervision		746
Factory utilities		963
Indirect factory labor		2,880
Indirect materials and supplies		694
Marketing costs		1,530
Property taxes on factory		290
Sales revenue		45,900
Information on December 31 (Ending):
Direct materials inventory	$	96
Work-in-process inventory		136
Finished goods inventory		1,420

Required:

1. Prepare a cost of goods sold statement.

2. Prepare an income statement.