Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Peterson Company: Beginning of 2017 End of 2017 Peterson Company...

Extracted text: Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Peterson Company: Beginning of 2017 End of 2017 Peterson Company Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials 23,000 21,000 26,000 25,000 13,000 20,000 74,000 Direct manufacturing labor Indirect manufacturing labor Plant insurance 22,000 17,000 7,000 11,000 Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs 3,000 91,000 24,000 1. Prepare a schedule for the cost of goods manufactured for 2017. 2. Revenues for 2017 were $310 million. Prepare the income statement for 2017.