Smith Company Beginning of 2020 End of 2020 Direct materials inventory 27,000 29,000 16,000 Work-in-process inventory Finished-goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor 28,000 24,000 21,000 70,000 25,000 11,000 7,000 10,000 4,000 111,000 36,000 Plant insurance Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs Requirement 2. Revenues for 2020 were $270 million. Prepare the income statement for 2020. (Use parentheses or a minus sign for operating losses.) Smith Company Income Statement For the Year Ended December 31, 2020 (in thousands) Cost of goods sold Cost of goods sold Operating costs: Total operating costs Operating income/loss)