The administrative offices and manufacturing plant of Billings Tool & Die share the same building....
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Accounting
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$1,656Building and machine depreciation (75% of this amount is for factory)800Building utilities (90% of this amount is for factory)1,260Direct labor845Direct materials inventory, December 3115Direct materials inventory, January 110Direct materials purchases3,650Factory supervision481Finished goods inventory, December 3161Finished goods inventory, January 155Indirect factory labor902Indirect materials and supplies691Marketing costs867Property taxes on building (85% of this amount is for factory)900Sales revenue12,965Work-in-process inventory, December 3128Work-in-process inventory, January 132
Required:
1. a cost of goods sold statement.
2. an income statement.
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