Requirements 1. Prepare a schedule for the cost of goods manufactured for 2020. 2. Revenues for 2020 were $315 million. Prepare the income statement for 2020. Smith Company Beginning of 2020 End of 2020 24,000 27,000 21,000 20,000 12,000 25,000 77,000 22,000 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 Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs 13,000 9,000 19,000 4,000 93,000 26,000