37 Cost of goods manufactured, Income statement ccount balances (in thousands) for the Peterson Company consider End of 2017 13,000 Peterson Company Beginning of 2017 Direct materials inventory 21.000 Work-in-process inventory 26.000 Finished-goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Depreciationplant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs 23,000 25.000 20.000 74,000 22.000 17.000 7,000 11,000 3,000 91,000 24,000 1. Prepare a schedule for the cost of goods manufactured for 2017. 2. Revenues for 2017 were $310 million. Prepare the income statement for 2017