AN INTRODUCTION TO COST TERMS AND PURPOSES 2-38 Cost of goods manufactured, income statement, manufacturing company. Consider the follow account balances (in thousands) for the Carolina Corporation: End of Beginning of 2017 124,000 173,000 240,000 2017 Carolina Corporation 73,000 Direct materials inventory 145,000 Work-in-process inventory 206,000 Finished-goods inventory 262,000 Purchases of direct materials 217,000 Direct manufacturing labor 97,000 Indirect manufacturing labor 9,000 Plant insurance 45,000 Depreciation-plant, building, and equipment 26,000 Plant utilities 12,000 Repairs and maintenance-plant 65,000 Equipment leasing costs 125,000 Marketing, distribution, and customer-service costs 71,000 General and administrative costs 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. TI Ilir 3. Below informations is a company in June 2021: Direct materials purchased $400,000 Work-in-process inventory, June 1, 2021 $600,000 Direct materials inventory, June 1, 2021 $106,000 Finished-goods inventory, June 1, 2021 $410,000 Total manufacturing costs add during the period $930,000 Prime costs $714,000 Conversion costs $624,000 Cost of goods manufactured 5 times manufacturing overhead costs Percentage of costs of good sold 65% Gross margin in June $700,000 What is the end of the inventory for Direct materials, Work-in-process and Finished-goods in June 30, 2021