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: January $1$ December $31$

Direct materials $ $154$ $ $172$

Work$-$in$-$process $210184$

Finished goods $2,9183,265$

Other information: For the year

Administrative costs $ $6,891$

Depreciation $($Corporate building$)654$

Depreciation $($Factory$)8,002$

Depreciation $($Factory machines$)14,112$

Direct labor $20,137$

Direct materials purchased $14,030$

Indirect labor $($Factory$)4,981$

Indirect materials $($Factory$)1,421$

Property taxes $($Corporate building$)142$

Property taxes $($Factory$)528$

Selling costs $3,211$

Sales revenue $70,897$

Utilities $($Factory$)1,499$

Required:

Prepare a cost of goods sold statement.

Prepare an income statement.