uestion 2-An Introduction to Cost Terms and Purposes The following account balances pertain to Peterson Company for the year 2017: Account balances 01/01/2017 31/12/2017 Direct materials inventory $21,000 $23,000 $26,000 $25,000 $13,000 $20,000 74,000 $22,000 $17,000 $7,000 11,000 $3,000 91,000 $24,000 ork-in-process inventory Finished-goods invento urchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance reciatio lant, building, and equipment epairs and maintenance-plant Marketing, distribution, and customer-service costs eneral and administrative costs Required: 1.Prepare a schedule for the cost of goods manufactured for 2017 2.Revenues for 2017 were $310,000. Prepare the income statement for 2017