Inventory information: Direct materials Work-in-process Finished goods 1/1/00 $ 62 90 1,001 12/31/00 $ 69 82 1,027 H . Other information: Administrative costs Depreciation (Factory) Depreciation (Machines) Direct labor Direct materials purchased Indirect labor (Factory) Indirect materials (Factory) Property taxes (Factory) Selling costs Sales revenue Utilities (Factory) For the year '00 $ 3,500 3,480 4,760 7,900 5,290 1,810 620 255 1,210 37, 110 670 Required: 1. Prepare a cost of goods sold statement. 2. Prepare an income statement