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 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) Required: a. Prepare a cost of goods sold statement. b. Prepare an income statement. January 1 December 31 $ 155 211 2,919 $ 173 185 3,266 For the year $ 6,892 655 8,003 14,122 20,147 14,040 4,982 1,422 143 529 3,212 70,907 1,500