Exercise 6 (Cost of goods manufactured) Consider the following account balances (in thousands) for the Canseco Company: Beginning End of of 20X1 20X1 Direct materials inventory P22,000 Work in process inventory P26,000 21,000 20,000 Finished goods inventory 18.000 23,000 Purchases of direct materials 75.000 Direct manufacturing labor 25,000 Indirect manufacturing labor 15,000 Plant insurance 9,000 Depreciation - plant building and equipment 11,000 Repairs and maintenance - plant 4,000 Marketing, distribution, and customer-service costs 93,000 General and administrative costs 29,000 Required: 1. Prepare a schedule of cost of poods manufactured for 20X1. 2. Revenues in 20X1 were $300.000 Prepare the 20X1 income statement