Cost of goods manufactured, income statement, manufacturing company. Consider the following

account balances $($in thousands$)$ for the Piedmont Corporation:

Beginning of End of

Piedmont Corporation $20112011$

Direct materials inventory $65,00034,000$

Work$-$in$-$process inventory $83,00072,000$

Finished goods inventory $123,000102,000$

Purchases of direct materials $128,000$

Direct manufacturing labor $106,000$

Indirect manufacturing labor $48,000$

Indirect materials $14,000$

Plant insurance $2,000$

Depreciation$$plant$,$ building, and equipment $21,000$

Plant utilities $12,000$

Repairs and maintenance$$plant $8,000$

Equipment leasing costs $32,000$

Marketing, distribution, and customer$-$service costs $62,000$

General and administrative costs $34,000$

For Specific Date For Year $2011$

Direct materials inventory, Jan. $1,2011$ $$15$ Purchases of direct materials $$325$

Work$-$in$-$process inventory, Jan. $1,201110$ Direct manufacturing labor $100$

Finished goods inventory, Jan. $1,201170$ Depreciation$$plant and equipment $80$

Direct materials inventory, Dec. $31,201120$ Plant supervisory salaries $5$

Work$-$in$-$process inventory, Dec. $31,20115$ Miscellaneous plant overhead $35$

Finished goods inventory, Dec. $31,201155$ Revenues $950$

Marketing, distribution, and customer$-$service costs $240$

Plant supplies used $10$

Plant utilities $30$

Indirect manufacturing labor $60$

Required $1.$ Prepare a schedule for the cost of goods manufactured for $2011.$

$2.$ Revenues for $2011$ were $$600$ million. Prepare the income statement for $2011.$