Requirement 1. Prepare a schedule for the cost of goods manufactured for 2017. Begin by preparing the schedule of cost of goods manufactured (in thousands). Start with the direct materials and labor cos manufacturing costs, and complete the schedule by calculating cost of goods manufactured. Smith Company Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (in thousands) Direct materials: Beginning inventory, Jan. 1, 2017 20000 Purchases of direct materials 73000 Ending inventory, Dec. 31, 2017 -27000 Direct materials used 66000 Direct manufacturing labor 26000 Indirect manufacturing costs: Indirect manufacturing labor 10000 Plant insurance 7000 Depreciation-plant, building, and equipment 18000 Repairs and maintenance-plant 3000 Total indirect manufacturing costs 38000 Manufacturing costs incurred during 2017 130000 Beginning work-in-process inventory, Jan. 1, 2017 23000 Total manufacturing costs to account for Ending work-in-process inventory, Dec. 31, 2017 21000 Cost of goods manufactured Requirement 2. Revenues for 2017 were $275 million. Prepare the income statement for 2017. (Use parentheses or a minu Smith Company Income Statement For the Year Ended December 31, 2017 (in thousands) Cost of goods sold