Consider the following account balances $($in thousands$)$ for the Peterson Company:

$($Click the icon to view the account balances.$)$

Requirements

Prepare a schedule for the cost of goods manufactured for $2020.$

Revenues for $2020$ were $$310$ million. Prepare the income statement for $2020.$

Ending work$-$in$-$process inventory, Dec. $31,2020$

Cost of goods manufactured

Requirement $2.$ Revenues for $2020$ were $$310$ million. Prepare the income statement for $2020.($Use parentheses or a minus sign for operating losses.$)$

Peterson Company

Income Statement

For the Year Ended December $31,2020($in thousands$)$

Cost of goods sold:

Cost of goods sold

Operating costs:

Total operating costs

$$

L

$($is

Operating income$/($loss$)$