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Westlake, Inc. produces metal fittings for the aerospace industry. The administrative and manufacturing operations occupy the same 200,000 square foot building. The manufacturing plant uses 150,000 square feet. Depreciation is assigned based on building use. Indirect labor represents 15 percent of the total manufacturing plant labor. The financial information for the year just ended is shown as follows. (Thousands of dollars) Administrative costs Total building depreciation Direct materials inventory, January 1 Direct materials inventory, December 31 Direct materials purchased during the year Finished goods inventory, December 31 Indirect labor Maintenance on plant machinery Marketing costs Operating profit Other plant overhead Plant supervision and administration Plant supplies and indirect materials Sales revenue Taxes on manufacturing property Work-in-process inventory, January 1 Work-in-process inventory, December 31 $ 270 620 26 31 1,581 91 246 151 131 842 94 166 78 6.100 128 91 121 Required: 1. Prepare a cost of goods manufactured and sold statement. 2. Prepare an income statement. COGM and COGS Stmts Income Stmt Prepare a cost of goods manufactured and sold statement. (Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234).) WESTLAKE, INC. Cost of Goods Manufactured and Sold Statement For the Year Ending December 31 (Thousands of Dollars) Manufacturing costs: Direct materials: Manufacturing overhead: 0 Total overhead Total manufacturing costs Total cost of work-in-process during the year Costs of goods manufactured this year Cost of goods available for sale Cost of goods sold COGM and COGS Stmts Income Stmt > Administrative salaries Beginning direct materials inventory, January 1 Beginning finished goods inventory, January 1 Beginning work-in-process, January 1 Depreciation on plant Direct labor Direct materials available for use Direct materials purchased Distribution costs Ending direct materials inventory, December 31 Ending finished goods inventory, December 31 Ending work-in-process, December 31 Finished goods inventory available for sale Indirect labor Insurance on plant machinery Maintenance on plant machinery Marketing costs Materials used Other plant overhead Plant supervision and administration Plant supplies and indirect materials Sales revenue Taxes on manufacturing property Complete this question by entering your answers in the tabs below. COGM and COGS Stmts Income Stmt Prepare an income statement. (Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234).) WESTLAKE, INC. Income Statement For the Year Ending December 31 (Thousands of Dollars) Total operating costs 0 Administrative costs Attorney fees Building depreciation Depreciation on admin portion of building Direct labor Distribution costs Marketing costs Other plant costs Plant utilities Sales revenue