Consider the following account balances (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 $290 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. Peterson Company Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (in thousands) Data Table Direct materials Beginning of End of 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, distribution, and customer-service General and administrative costs 2017 2017 25,000 26,000 19,000 27,000 20,000 22,000 77,000 23,000 11,000 8,000 13,000 5,000 94,000 29,000 Direct materials used Direct manufacturing labor Indirect manufacturing costs: costs Total indirect manufacturing costs Manufacturing costs incurred during 2017 Print Done hoose from any list or enter any number in the input fields and then continue to the next question. Manufacturing costs incurred during 2017 Total manufacturing costs to account for Cost of goods manufactured Requirement 2. Revenues for 2017 were $290 million. Prepare the income statement for 2017, (Use parentheses or a minus sign for operating losses.) Peterson Company Income Statement For the Year Ended December 31, 2017 (in thousands) Cost of goods sold: Cost of goods sold Operating costs: hoose from any list or enter any number in the input fields and then continue to the next question. Requirement 2. Revenues for 2017 were $290 million. Prepare the income statement for 2017. (Use parentheses or a minus sign for operating losses.) Peterson Company Income Statement For the Year Ended December 31, 2017 (in thousands) Cost of goods sold: Cost of goods sold Operating costs: Total operating costs Operating income(loss)