The administrative offices and manufacturing plant of Billings Tool & Die share the same building. The following Information (in $000s) appears in the accounting records for last year. Administrative costs $ 1,658 Building and machine depreciation (75% of this amount is for factory) 900 Building utilities (90% of this amount is for factory) Direct labor Direct materials inventory, December 31 Direct materials inventory, January 1 Direct materials purchases Factory supervision Finished goods inventory, December 31 Finished goods inventory, January 1 Indirect factory labor Indirect materials and supplies Marketing costs Property taxes on building (85% of this amount is for factory) Sales revenue 1,300 845 14 13 3,620 493 62 57 916 686 863 900 13,031 Work-in-process inventory, December 31 Work-in-process inventory, January 1 27 32 Required: 1. Prepare a cost of goods sold statement. 2. Prepare an Income statement. Complete this question by entering your answers in the tabs below. COGS Stmt Income Stmt Prepare a cost of goods sold statement. (Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234).) Manufacturing costs: Direct materials: Manufacturing overhead: BILLINGS 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 0 Required: 1. Prepare a cost of goods sold statement. 2. Prepare an Income statement. Complete this question by entering your answers in the tabs below. COGS Stmt Income Stmt Prepare an income statement. (Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234).) BILLINGS TOOL & DIE Income Statement For the Year Ended December 31 ($000) Marketing and administrative costs: Total marketing and administrative costs 0