Consider the following account balances (in thousands) for the Carolina Corporation:

REQUIREMENTS

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.

Beginning of End of Carolina Corporation 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 Plant utilities Repairs and maintenance-plant Equipment leasing costs Marketing, distribution, and customer-service costs General and administrative costs 2017 2017 124,000 $ 73,000 145,000 206,000 262,000 217,000 97,000 9,000 45,000 26,000 12,000 65,000 125,000 71,000 173,000 240,000