Data table Shipman Corporation Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials Beginning of End of 2017 2017 132,000 $ 66,000 165,000 143,000 247,000 210,000 255,000 Direct manufacturing labor 215,000 Indirect manufacturing labor 99,000 Plant insurance 6,000 Depreciation-plant, building, and equipment 49,000 Plant utilities 18,000 Repairs and maintenance-plant 16,000 Equipment leasing costs 63,000 Marketing, distribution, and customer-service costs 128,000 General and administrative costs 70,000 Consider the following account balancas (n thousands) for the Shipman 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 $1,400,000 Prepare the income statement for 2017 Requirement 1. Prepare a schedule for the cost of goods manufactured fur 2017. Start with the fred materials and labor costs, then manufacturing overhead costs, and complete the schedule by calculating cost of goods manufactured Det matanals Shipman Corporation Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 in thousands) Oret materials used Demanding bo Manufacturing co al manufungwa Calculator Time Remaining 01.02.241 Next Total manufacturing overhead costs Manufacturing costs incurred during 2017 Total manufacturing costs to account for Cost of goods manufactured Requirement 2. Revenues on thousands) for 2017 were $1,400,000. Prepare the income statement for 2017. (Use a minus sign or parentheses for an operating los.) Shipman Corporation Income Statement For the Year Ended December 31, 2017 (in thousands) Cost of goods sold Cost of goods sold Operating co Cost of goods sold Operating costs: Total operating costs Operating income/(loss)