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	$	36
Work-in-process inventory		48
Finished goods inventory		656
Information for the year:
Administrative costs	$	1,440
Direct labor		4,240
Direct materials purchases		3,280
Factory and machine depreciation		4,640
Factory supervision		840
Factory utilities		360
Indirect factory labor		1,120
Indirect materials and supplies		280
Marketing costs		600
Property taxes on factory		112
Sales revenue		18,160
Information on December 31 (Ending):
Direct materials inventory	$	32
Work-in-process inventory		56
Finished goods inventory		588

Required:

1. Prepare a cost of goods sold statement.

2. Prepare an income statement.