Mount Elliott Fixtures produces a variety of hardware products, primarily for the home construction and remodeling business. The cost accountant provides you with the following data for the year (in $000): Inventory information: Direct materials Work-in-process January 1 December 31 $175 $193 231 Finished goods Other information: Administrative costs 2,939 205 3,286 For the year. $ 6,912 Depreciation (Corporate building). Depreciation (Factory) 675 8,023 Depreciation (Pactory machines), 14,322 Direct labor 20,347 Direct materials purchased 14,240 Indirect labor (Factory) 5,002 Indirect materiale (Factory) 1,442 Property taxes (Corporate building) 163 Property taxes (Factory) 549 Selling costs 3,232 71,107 Sales revenue Utilities (Factory) Required: a. Prepare a cost of goods sold statement. b. Prepare an income statement. 1,520