Please complete both requirements, and include detailed notes for how you calculated entries like manufacturing costs

Consider the following account balances (in thousands) for the Scottin Corporation: Requirements 1. Prepare a schedule for the cost of goods manufactured for 2017 2. Revenues (in thousands) for 2017 were $1,100,000 Prepare the income statement for 2017. (Click the icon to view the account balances.) 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. Scottin Corporation Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (in thousands) Beginning of End of Scottin Corporation 2017 2017 Direct materials inventory 133,000 $ 72,000 165,000 Work-in-process inventory 150,000 Finished-goods inventory 207,000 243,000 Purchases of direct materials 256,000 Direct manufacturing labor 221,000 Indirect manufacturing labor 105,000 Plant insurance 7,000 44,000 Depreciation-plant, building, and equipment 27,000 Plant utilities Repairs and maintenance-plant 10,000 Equipment leasing costs 70,000 Marketing, distribution, and customer-service costs 123,000 General and administrative costs 70,000