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 labor Factory and machine depreciation Direct materials purchases Factory supervision Pactory utilities Indirect factory labor 88 119 1,690 $ 3,640 12,050 8,290 11,520 751 972 2,860 Indirect materials and supplies Marketing costs 686 1,530 Property taxes on factory 284 Sales revenue 45,600 Information on December 31 (Ending) Direct materials inventory $ 97 Work-in-process inventory 135 1,520 Finished goods inventory Required: 1. Prepare a cost of goods sold statement. 2. Prepare an income statement.