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

	Beginning of	End of
Canseco Company	2014	2014
Direct materials inventory	26,000	29,000
Work-in-process inventory	25,000	21,000
Finished goods inventory	17,000	20,000
Purchases of direct materials		79,000
Direct manufacturing labor		23,000
Indirect manufacturing labor		11,000
Plant insurance		8,000
Depreciationplant, building, and equipment		10,000
Repairs and maintenanceplant		5,000
Marketing, distribution, and customer-service costs		92,000
General and administrative costs		36,000

1. Prepare a schedule for the cost of goods manufactured for 2014.

2. Revenues for 2014 were $295 million. Prepare the income statement for 2014.

Requirement 1. Prepare a schedule for the cost of goods manufactured for 2014.

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.

Canseco Company
Schedule of Cost of Goods Manufactured
Year Ended December 31, 2014 (in thousands)
Direct materials:
Direct materials used
Direct manufacturing labor