Data Table Beginning of End of Shidone Corporation 201T 2013( Direct materials inventory 135.000 95 65.3300 Work-in-process inventoryr 172.000 151.3.00 Finishedgoods inventory 241.000 200.3300 Purchases of direct materials 265.3.00 '053-} Direct manufacturing labor 221.3300 Indirect manufacturing labor 99.3.00 Plant insurance 5.3300 Depreciationplant, building, and equipment 40.3.00 Plant utilities 21.3300 Repairs and maintenanceplant 14.3.00 Equipment leasing costs 66.3300 Marketing, distributionI and customer-service costs 3.00 General and administrative costs 76.3300 206000 Consider the following account balances (in thousands) for the Shidone Corporation: Requirements (Click the icon to view the account balances.) 1. Prepare a schedule for the cost of goods manufactured for 2017. 2. Revenues (in thousands) for 2017 were $1,000,000. Prepare the income statement for 2017. Requirement 1. Prepare a schedule for the cost of goods manufactured for 2017. Start with the direct materials and labor costs, then manufacturing overhead costs, and complete the schedule by calculating cost of goods manufactured. Shidone Corporation Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (in thousands) Direct materials: Beginning inventory, Jan. 1, 2017 $ 135,000 Purchases of direct materials 265,000 Cost of direct materials available for use 400,000 Ending inventory, Dec. 31, 2017 65,000 Direct materials used $ 335,000 Direct manufacturing labor 221,000 Manufacturing overhead costs: Indirect manufacturing labor $ 99,000 Plant insurance 5,000 Depreciation-plant, building, and equipment 40,000 Plant utilities 21,000 Repairs and maintenance-plant 14,000 Equipment leasing costs 66,000 Total manufacturing overhead costs 245.000 Manufacturing costs incurred during 2017 801,000 Beginning work-in-process inventory, Jan. 1, 2017 172,000 Total manufacturing costs to account for 973,000 Ending work-in-process inventory, Dec. 31, 2017 151,000 Cost of goods manufactured $ 822,000Requirement 2. Revenues [in thousands} for 201? were $1,000,000. Prepare the income statement for 20 1?. (Use a minus sign or parentheses for an operating loss.) Shidone Corporation Income Statement For the Year Ended December 31. 2011' (in thousands} Revenues 1000000 Cost of goods sold: W W Cost of goods manufactured 322000 Cost of goods available for sale 1063000 % _200\""0 Cost of goods sold 1043000 Gross margin {43000} Operating costs: Marketing, distribution, and customerservice costs 130000 General and administrative costs 75000 Total operating costs 206000 Operating incomeloss} (249000}