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Consider the following account balances (in 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 $1,900,000. 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. Shipman Corporation Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (in thousands) Direct materials: Direct materials used Direct manufacturing labor Shipman 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 $ 135,000 $ 71,000 165,000 142,000 241,000 200,000 256,000 211,000 103,000 2,000 43,000 23,000 13,000 67,000 127,000 67,000 Beginning inventory, Jan. 1, 2017 Beginning work-in-process inventory, Jan. 1, 2017 Cost of direct materials available for use Cost of goods manufactured Depreciationplant, building, and equipment Ending inventory, Dec. 31, 2017 Ending work-in-process inventory, Dec. 31, 2017 Equipment leasing costs Equipment leasing costs Indirect manufacturing labor Indirect materials Plant insurance Plant utilities Purchases of direct materials Repairs and maintenanceplant