Consider the following account balance in thousands) for the Peterson Company Click the icon to view the account balances) Requirements 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 Requirement 1. Prepare a schedule for the cost of goods manufactured for 2017 Begin by preparing the schedule of cost of goods manufactured in thousands). Start with the direct materials and labor costs, then indirect manufacturing costs, and complete the schedule by calculating cost of goods manufactured @ Screen Shot 2019-09-08 at 350 47 PM Peterson Company Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 in thousands) Direct materials: Share Rotate Markup Data Table Beginning of 2017 Direct materials used Direct manufacturing labor Indirect manufacturing costs: 21,000 20,000 13.000 Peterson Company Direct materials inventory Work in process inventory Finished goods inventory Purchases of direct materials Direct manufacturing labor indirect manufacturing labor Plant insurance Depreciation plant building, and equipment Repairs and maintenance plant Marketing dibution, and customer service costs General and administrative costs End of 2017 23.000 25,000 20,000 74.000 22.000 17.000 7.000 11,000 3.000 91.000 24.000