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Yolo Windows, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars).
Yolo Windows, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars). Information on January 1 (Beginning): Direct materials inventory Work-in-process inventory Finished goods inventory Information for the year: Administrative costs Direct materials purchases Direct labor Factory and machine depreciation Factory supervision $ 86 117 1,670 $ 3,650 12,600 8,280 11,530 734 Factory utilities 927 Indirect factory labor 2,950 Indirect materials and supplies 670 Marketing costs 1,490 Property taxes on factory 275 Sales revenue 45,400 Information on December 31 (Ending): Direct materials inventory $ 99 Work-in-process inventory 130 Finished goods inventory 1,420 Required: 1. Prepare a cost of goods sold statement. 2. Prepare an income statement.
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