ASSIGNMENT 1. Prepare a schedule for the cost of goods manufactured for 2014. 2 Revenues for 2014 were $310 million. Prepare the income statement for 2014 2-33 Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Shaler Corporation: End of 2014 Beginning of 2014 130,000 166,000 246,000 Shaler 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 68,000 144,000 204,000 256,000 212,000 96,000 28,000 4,000 42,000 24,000 16,000 64,000 124,000 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