16. Consider the following account balances (in thousands) for the Shaler Corporation Shaler Corporation Beginning of 2014 End of 2014 Direct materials inventory 130,000 68,000 Work-in-progress inventory 166,000 144,000 Finished goods inventory 246,000 204,000 Purchases of direct materials 256,000 Direct manufacturing labor 212,000 Indirect manufacturing labor 96,000 Indirect materials 28.000 Plant insurance 4,000 Depreciation- Plant, building and equipment 42,000 Plant utilities 24,000 Repairs and maintenance-Plant 16,000 Equipment leasing costs 64,000 Marketing, distribution, and customer-service costs 124,000 General and administrative costs 68,000 1. Prepare a schedule for the cost of goods manufactured for 2014. 2. Revenues (in thousands) for 2014 were $1,200,000. Prepare the income statement for 2014