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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).
Information on January 1 (Beginning):
Direct materials inventory $ 83
Work-in-process inventory 111
Finished goods inventory 1,630
Information for the year:
Administrative costs $ 3,360
Direct labor 12,450
Direct materials purchases 8,250
Factory and machine
Factory supervision 743
Factory utilities 959
Indirect factory labor 2,870
Indirect materials and supplies 673
Marketing costs 1,510
Property taxes on factory 294
Sales revenue 45,800
Information on December 31 (Ending):
Direct materials inventory $ 91
Work-in-process inventory 129
Finished goods inventory 1,460
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.
(Tab) COGS Stmt (Tab) Income Stmt
Income Statement
Prepare an income statement. (Enter your answers in thousands of dollars (e.e., 234,000 should be entered as 2340.)
Cost of goods sold includes all the costs which are incurred to produce the goods which has been sold. It is the cost of those goods which are sold.
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