The administrative offices and manufacturing plant of Billings Tool & Die share the same building. The...

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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 Building and machine depreciation (75% of this amount is for factory) Building utilities (90% of this amount is for factory) $ 1,647 900 1,270 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) 855 13 11 3,660 489 62 53 918 680 877 900 Sales revenue Work-in-process inventory, December 31 12,920 28 30 Work-in-process inventory, January 1 Required: 1. Prepare a cost of goods sold statement. 2. Prepare an income statement. 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 Building and machine depreciation (75% of this amount is for factory) Building utilities (90% of this amount is for factory) $ 1,647 900 1,270 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) 855 13 11 3,660 489 62 53 918 680 877 900 Sales revenue Work-in-process inventory, December 31 12,920 28 30 Work-in-process inventory, January 1 Required: 1. Prepare a cost of goods sold statement. 2. Prepare an income statement.