Problem 2-65 (Algo) Prepare Statements for a Manufacturing Company (LO 2-2, 4) East Ferry Tool & Die, a manufacturer of parts for agricultural equipment, provides the following financial information for the most recent fiscal year (all costs are in thousands of dollars): (5000) Inventories As of January 11 Direct materials. Work-in-process Finished goods $ 207 216 784 As of December 31: Direct materials $214 Mork-in-process 209 Finished goods 803 Other amounts (for the year) Administrative costs 3,140. Direct labor 5,146 Direct material purchases 6,274 Indirect plant labor 3,150 Indirect plant supplies Machine depreciation Marketing costs Plant depreciation Plant supervision Plant utilities Property taxes on plant and equipment Sales revenue Required: a. Prepare a cost of goods sold statement. b. Prepare an income statement. 012 5,551 1,144 1,395 1,116 793 441 36,234 Manufacturing costs: Direct materials: Manufacturing overhead: East Ferry Tool & Die Statement of Cost of Goods Sold For the Year Ended December 31 ($000) Total manufacturing overhead Total manufacturing costs Total cost of work in process during the year Costs of goods manufactured during the year Cost of goods sold Income Stmt > 0 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 Stmt Income Stmt Prepare an income statement. Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234). East Ferry Tool & Die Income Statement For the Year Ended December 31 ($000) Total marketing and administrative costs