2-38 Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Carolina Corporation: Beginning of End of Carolina Corporation 2017 2017 Direct materials inventory 124,000 73,000 Work-in-process inventory 173,000 145,000 Finished-goods inventory 240,000 206,000 Purchases of direct materials 262,000 Direct manufacturing labor 217,000 Indirect manufacturing labor Plant insurance 97,000 9,000 Depreciation plant, building, and equipment 45,000 Plant utilities 26,000 Repairs and maintenance-plant 12,000 Equipment leasing costs 65,000 Marketing, distribution, and customer- 125,000 service costs General and administrative costs 71,000 Required: 1. Prepare a schedule for the cost of goods manufactured for 2017. 2. Revenues (in thousands) for 2017 were $1,300,000. Prepare the income statement for 2017.