ed PTER 2 AN INTRODUCTION TO COST TERMS AND PURPOSES 2-38 Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Carolina Corporation: red Carolina Corporation Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Depreciation-plant, building, and equipment Plant utilities Repairs and maintenance-plant Equipment leasing costs Marketing, distribution, and customer-service costs General and administrative costs Beginning of End of 2017 2017 124,000 73,000 173,000 145,000 240,000 206,000 262,000 217,000 97,000 9,000 45,000 26,000 12,000 65,000 125,000 71,000 1. Prepare a schedule for the cost of goods manufactured for 2017. 2. Revenues (in thousands) for 2017 were $1,300,000. Prepare the income statement for 2017. 2-39 Income statement and schedule of cost of goods manufactured. The Howell Corporation has the following account balances (in millions): For Specific Date For Year 2017 Direct materials inventory, Jan. 1, 2017 Work-in-process inventory, Jan. 1, 2017 Finished goods inventory, Jan. 1, 2017 Direct materials inventory, Dec. 31, 2017 Work-in-process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 $15 10 Purchases of direct materials Direct manufacturing labor $325 100 70 Depreciation-plant and equipment 80 20 Plant supervisory salaries 5 5 Miscellaneous plant overhead 950 55 Revenues Marketing, distribution, and 240 customer-service costs 10 Plant supplies used 30 . Plant utilities 60 Indirect manufacturing labor Prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31, 2017. (For additional questions regarding these facts, see the next problem.) of statements (continuation of 2-39). dified if you were asked for a schedule of cost of goods ufactured? Be specific. -service costs) be stead