COGS Stmt Income Stmt

Prepare an income statement.

Note: Enter your answers in thousands of dollars $($i$.$e$.,234,000$ should be entered as $234).$

$\backslash$table$[[$East Ferry Tool & Die$],[$Income Statement$],[$For the Year Ended December $31],[($$$000)],[,,$$$,36,234>],[,,,24,667],[,,$$$,11,567],[,3,140,,],[,1,144>,,],[,4,284\backslash$times $,,],[$Total marketing and administrative costs,,,$8,568],[$Operating profit $(,,$$$,7,283>]]$

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 $234).$

Problem $2-65($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$)$

$\backslash$table$[[,(5$e$9$e$)],[$Inventories:$],[$As of January $1$:$],[$Direct materials,$5207],[$work$-$in$-$process,$216],[$Finished goods,$784],[$As of December $31$:$],[$Direct materials,$5214],[$Work$-$in$-$process,$209],[$Finished goods,$^(803)],[$Other anounts $($for the year$)$:$],[$Administrative costs,$3,140],[$Direct labor,$5,146],[$Direct naterial purchases,$6,274],[$Indirect plant labor,$3,158],[$Indirect plant supplies,$812],[$Machine depreciation,$5,551],[$Marketing costs,$1,144],[$Plant depreciation,$1,395],[$Plant supervision,$1,116],[$Plant utilities,$793],[$Property taxes on plant and equipment,$441],[$sales revenue,$36,234]]$

Required:

a$.$ Prepare a cost of goods sold statement.

b$.$ Prepare an income statement.