Chapter 20 Saved Problem 2-63 (Static) Prepare Statements for a Manufacturing Company (LO 2-2, 4) The administrative offices and manufacturing plant of Billings Tool & Die share the same building. The following information (in $000s) appears in the accounting records for last year. $ 9,600 5,480 7,500 5,840 84 Administrative costs Building and machine depreciation (75% of this amount is for factory) Building utilities (90% of this amount is for factory) Direct labor Direct materials inventory, December 31 Direct materials inventory, January 1 Direct materials purchases Factory supervision Finished goods inventory, December 31 Finished goods inventory, January 1 Indirect factory labor Indirect materials and supplies Marketing costs Property taxes on building (80% of this amount is for factory) Sales revenue Work-in-process inventory, December 31 Work-in-process inventory, January 1 21,900 2,94 39e 324 5,472 4,110 5, 226 5,840 77,820 174 192 Search Saved Required: 1. Prepare a cost of goods sold statement. 2. 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. (Enter your answers in thousands of dollars (ie, 234,000 should be entered as 234).) BILLINGS TOOL & DIE Statement of Cost of Goods Sold For the Year Ended December 31 (5000) Beginning work-in-process, Jan. 1 Manufacturing costs Direct materials: Beginning inventory. Jan. 1 Add: Purchases Direct materials available Less Ending inventory, Dec. 31 Direct labor search