: Cost of Goods Manufactured, Income Statement, Manufacturing Company Consider the following account balances (in thousands) for the Peterson Company: Peterson Company Beginning of 2014 End of 2014 Direct materials inventory 21,000 23,000 Work-in-process inventory 26,000 25,000 Finished goods inventory 13,000 20,000 Purchases of direct materials 74,000 Direct manufacturing labor 22,000 Indirect manufacturing labor 17,000 Plant insurance 7,000 Depreciationplant, building, and equipment 11,000 Repairs and maintenanceplant 3,000 Marketing, distribution, and customer-service costs 91,000 General and administrative costs 24,000 Calculate the following: Prepare a schedule for the cost of goods manufactured for 2014. Revenues for 2014 were $310 million. Prepare the income statement for 2014.