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

Required

1. Prepare a schedule for the cost of goods manufactured for 2020.
2. Revenues for 2020 were $310 million. Prepare the income statement for 2020.

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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 Beginning of 2020 21,000 26,000 13,000 End of 2020 23,000 25,000 20,000 74,000 22,000 17,000 7,000 11,000 3,000 91,000 24,000