olo Windows, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars). Information on January 1 (Beginning): Direct materials inventory $ 84 Work-in-process inventory 118 Finished goods inventory 1,640 Information for the year: Administrative costs $ 3,610 Direct labor 12,450 Direct materials purchases 8,260 Factory and machine depreciation 11,700 Factory supervision 739 Factory utilities 946 Indirect factory labor 2,880 Indirect materials and supplies 676 Marketing costs 1,530 Property taxes on factory 274 Sales revenue 45,800 Information on December 31 (Ending): Direct materials inventory $ 97 Work-in-process inventory 136 Finished goods inventory 1,450

1. Prepare a cost of goods sold statement.

2. Prepare an income statement.