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Consider the following account balances (in thousands) for the BeneschBeneschCompany: LOADING...(Clickthe icon to view the account balances.)Requirements1. Prepare a schedule for the cost of goods manufactured for 20142014.2. Revenues for 20142014were $ 260$260million. Prepare the income statement for 20142014.Requirement 1. Prepare a schedule for the cost of goods manufactured for 20142014.Begin by preparing the schedule of cost of goods manufactured (in thousands). Start with the direct materials and labor costs, then indirect manufacturing costs, and complete the schedule by calculating cost of goods manufactured.

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Benesch Company
Schedule of Cost of Goods Manufactured
Year Ended December 31, 2014 (in thousands)
Direct materials:
	Beginning inventory, Jan. 1, 2014	26000
	Purchases of direct materials	74000
	Cost of direct materials available for use	100000
	Ending inventory, Dec. 31, 2014	28000
Direct materials used
Direct manufacturing labor

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Indirect manufacturing costs:
	Indirect manufacturing labor
	Plant insurance
	Depreciationplant, building, and equipment
	Repairs and maintenanceplant
Total indirect manufacturing costs

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Manufacturing costs incurred during 2014
Beginning work-in-process inventory, Jan. 1, 2014
Total manufacturing costs to account for
Ending work-in-process inventory, Dec. 31, 2014
Cost of goods manufactured

Requirement 2. Revenues for 20142014 were $ 260$260 million. Prepare the income statement for 20142014. (Use parentheses or a minus sign for operating losses.)

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Benesch Company
Income Statement
Year Ended December 31, 2014 (in thousands)
Revenues
Cost of goods sold:
Beginning finished goods, Jan. 1, 2014
Cost of goods manufactured
Cost of goods available for sale
Ending finished goods, Dec. 31, 2014
Cost of goods sold
Gross margin
Operating costs:
	Marketing, distribution, and customer-service costs
General and administrative costs
Total operating costs
	Operating income/(loss)

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