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 Finished goods January 1 December 31 $ 156 212 2,920 $174 186 3,267 Other information: Administrative costs Depreciation (Corporate building) Depreciation (Factory) Depreciation (Factory machines) Direct labor Direct materials purchased Indirect labor (Factory) Indirect materials (Factory). Property taxes (Corporate building) Property taxes (Factory) Selling costs Sales revenue Utilities (Factory) For the year $ 6,893 656 8,004 14,132 20,157 14,050 4,983 1,423 144 530 3,213 70,917 1,501 Required: a. Prepare a cost of goods sold statement. b. Prepare an income statement. Complete this question by entering your answers in the tabs below.