Data table Samson Corporation Beginning of 2017 End of 2017 Direct materials inventory $ 127,000 $ 68,000 Work-in-process inventory 166,000 150,000 Finished-goods inventory 241,000 203,000 Purchases of direct materials 258,000 Direct manufacturing labor 215,000 Indirect manufacturing labor 100,000 Plant insurance 8,000 Depreciation-plant, building, and equipment 42,000 Plant utilities 25,000 Repairs and maintenance-plant 15,000 ed Equipment leasing costs 64,000 an Marketing, distribution, and customer-service costs 131,000 General and administrative costs 69,000 Ca - X Consider the following account balances (in thousands) for the Samson Corporation: (Click the icon to view the account balances.) Requirements 1. Prepare a schedule for the cost of goods manufactured for 2017. 2. Revenues (in thousands) for 2017 were $900,000. 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. Direct materials: Samson Corporation Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (in thousands) Direct materials used F Direct manufacturing labor F Manufacturing overhead costs: Manufacturing overhead costs: Total manufacturing overhead costs F Manufacturing costs incurred during 2017 Fl Total manufacturing costs to account for F Cost of goods manufactured F F Requirement 2. Revenues (in thousands) for 2017 were $900,000. Prepare the income statement for 2017. (Use a minus sign or parentheses for an operating loss.) Samson Corporation Income Statement For the Year Ended December 31, 2017 (in thousands) Cost of goods sold: Cost of goods sold Operating costs: F Consider the following account balances (in thousands) for the Samson Corporation: (Click the icon to view the account balances.) Requirements 1. Prepare a schedule for the cost of goods manufactured for 2017. 2. Revenues (in thousands) for 2017 were $900,000. Prepare the income statement for 2017. Income Statement For the Year Ended December 31, 2017 (in thousands) F Cost of goods sold: F F FL Cost of goods sold F F Operating costs: F Total operating costs F Operating income/(loss) F