1. Consider the following account balances (in thousands) for the Kalinka Heavy Industries Reginning of Kalimlea Heavy Industries 2016 Direct materials inventory $ 372,000 Work-in-process inventory 519,000 Finished-goods Inventory 720,000 Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Depreciation-plant, building, and equipment Plant utilities Repairs and maintenance plant Equipment leasing costs Marketing, distribution, and customer-service costs General and administrative costs Fond of 2016 $ 219,000 435,000 618,000 786,000 651,000 291,000 27,000 135,000 78,000 36,000 195,000 375,000 213,000 Required: 1. Prepare a schedule for the cost of goods manufactured for 2016. (20 points) Direct Materials Costs Direct Labour Manufacturing O/H Total Cost of Production Cost of the Goods Manufactured Cost of the Goods Available for Sale Cost of the Goods Sold Cociis 11. Sales (in thousands) for 2016 were $5,200,000. Prepare the income statement for 2016. (10 potes) Income Statement 2. Carismo Lightning Products manufactures and sells two led bulb models: an economy model and dimmable one. Setup costs for these products are driven by the number of setups. Allocation base for the equipment and maintenance costs is machine-hours, and square footage of production space allocated within the plant is the allocation base for lease rent. The following is the budgeted information for Carismo: Budgeted Costs and Activities For the Year Ended December 31, 2017 Direct materials-Economy Led Bulbs $ 170,000 Direct materials-Dimmable Led Bulbs 320,000 Direct manufacturing labor- Economy Led Bulbs 120,000 Direct manufacturing labor-Dimmable Led Bulbs 100,000 Setup 150,000 Equipment and maintenance costs 110,000 Lease rent 240,000 Total $1,166,700 Focus