Consider the following account balances (in thousands) for the Peterson Company:

Required
1. Prepare a schedule for the cost of goods manufactured for 2014.
2. Revenues for 2014 were $ 310 million. Prepare the income statement for2014.

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Beginning of 2014 21,000 26,000 13,000 Peterson Company Direct materials inventory Work-in-process inventory Finished goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Depreciation- plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs End of 2014 23,000 25,000 20,000 74,000 22,000 17,000 7,000 11,000 3,000 91,000 24,000