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 $156 $174 212 2,920 186 3,267 Finished goods Other information: Administrative costs Depreciation (Corporate building) For the year $ 6,893 656 Depreciation (Factory) Depreciation (Factory machines) 8,004 14,132 Direct labor 20,157 Direct materials purchased 14,050 Indirect labor (Factory)) 4,983 Indirect materials (Factory) 1,423 Property taxes (Corporate building) 144 Property taxes (Factory) 5301 Selling costs 3,213 Sales revenue 70,917 Utilities (Factory) 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. COGS statement Income statement