2-33 Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Piedmont Corporation: Piedmont Corporation Direct materials inventory Work-in-process inventory Finished goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Indirect materials 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 Beginning of End of 2011 2011 65,000 34,000 83,000 72,000 123,000 102,000 128,000 106,000 48,000 14,000 2,000 21,000 12,000 8,000 32,000 62,000 34,000 Required 1. Prepare a schedule for the cost of goods manufactured for 2011, 2. Revenues for 2011 were $600 million. Prepare the income statement for 2011