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 costs, then indirect manufacturing costs, and complete the schedule by calculating cost of goods manufactured. Peterson Company Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (in thousands) Direct materials: 21000 Beginning inventory, Jan. 1, 2017 Purchases of direct materials 74000 Ending inventory, Dec. 31, 2017 95000 72000 Direct materials used Direct manufacturing labor 22000 Beginning of 2017 Peterson Company Direct materials inventory Work-in-process inventory Finished-goods inventory 21,000 26,000 13,000 End of 2017 23,000 25,000 20,000 74,000 22,000 17,000 7,000 Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Depreciationplant, building, and equipment Repairs and maintenanceplant Marketing, distribution, and customer-service costs General and administrative costs 11,000 3,000 91,000 24,000