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Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances ( in thousands ) for the Piedmont Corporation: Beginning of End of

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
Depreciationplant, building, and equipment 21,000
Plant utilities 12,000
Repairs and maintenanceplant 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 Depreciationplant 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.

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