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. $ 1,659 900 1,160 855 16 13 3,670 477 Administrative costs Building and machine depreciation (75% of this amount is for factory) 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 Work-in-process inventory, December 31 Work-in-process inventory, January 1 54 903 685 872 900 12,954 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).) BILLINGS TOOL & DIE Statement of Cost of Goods Sold For the Year Ended December 31 ($000) Manufacturing costs: Direct materials: Manufacturing overhead: 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 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