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 2020. 2. Revenues for 2020 were $310 million. Prepare the income statement for 2020. Requirement 1. Prepare a schedule for the cost of goods manufactured for 2020. 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. Direct materials: Peterson Company Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2020 (in thousands) Direct materials used Direct manufacturing labor Data table Peterson Company Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials Direct manufacturing labor Beginning of End of 2020 2020 21,000 23,000 26,000 25,000 13,000 20,000 74,000 22,000 Indirect manufacturing labor Plant insurance 17,000 7,000 Depreciation-plant, building, and equipment Repairs and maintenance-plant 11,000 3,000 Marketing, distribution, and customer-service costs 91,000 General and administrative costs 24,000 Print Done