1. Consider the following account balances in thousands) for the Serendipity Industries: Beginning $500,000 125,000 250,000 Ending $875,000 250,000 625,000 1,250,000 1,625,000 150,000 65,000 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 Plant utilities Repairs and maintenance-plant Equipment leasing costs Miscellaneous Plant Costs Plant Utilities Marketing, distribution, and customer- service costs General and administrative costs 185,000 105,000 95,000 352,500 35,000 75,000 575,000 425,000 i. ii. Prepare a schedule for the cost of goods manufactured for 2019. Revenues (in thousands) for 2019 were $7,500,000. Prepare the income statement for 2019