Consider the following account balances (in thousands) for the Peterson Company: (Click the icon to view the account balances.) Requirements 1. Prepare a schedule for the cost of goods manufactured for 2017. 2. Revenues for 2017 were $275 million. Prepare the income statement for 2017. 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) A Data Table - X Direct materials: Beginning of 2017 End of 2017 Peterson Company 29,000 26,000 25,000 10,000 21,000 24,000 71,000 Direct materials used Direct manufacturing labor Indirect manufacturing costs: 28,000 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 maintenanceplant Marketing, distribution, and customer-service costs General and administrative costs 15,000 9,000 18,000 3,000 108,000 20,000 Choose from any list or enter any number in the input fields and then continue to the next question. Direct materials used Direct manufacturing labor Indirect manufacturing costs: Total indirect manufacturing costs Manufacturing costs incurred during 2017 Total manufacturing costs to account for Cost of goods manufactured Requirement 2. Revenues for 2017 were $275 million. Prepare the income statement for 2017. (Use parentheses or a minus sign for operating losses.) Peterson Company Income Statement Requirement 2. Revenues for 2017 were $275 million. Prepare the income statement for 2017. (Use parentheses or a minus sign for operating losses.) Peterson Company Income Statement For the Year Ended December 31, 2017 (in thousands) Cost of goods sold: Cost of goods sold Operating costs: Total operating costs Operating income/(loss) Choose from any list or enter any number in the input fields and then continue to the next