Question

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

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 $ 1,653
Building and machine depreciation (75% of this amount is for factory) 900
Building utilities (90% of this amount is for factory) 1,230
Direct labor 845
Direct materials inventory, December 31 15
Direct materials inventory, January 1 13
Direct materials purchases 3,660
Factory supervision 495
Finished goods inventory, December 31 66
Finished goods inventory, January 1 57
Indirect factory labor 920
Indirect materials and supplies 678
Marketing costs 877
Property taxes on building (85% of this amount is for factory) 800
Sales revenue 12,891
Work-in-process inventory, December 31 28
Work-in-process inventory, January 1 31

Required:

Prepare an income statement with a supporting cost of goods sold statement.

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