Chapter 2, Problem 2.37P

Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Peterson Company:

Peterson Company	Beginning of 2017	End of 2017
Direct materials inventory	21,000	23,000
Work-in-process inventory	26,000	25,000
Finished-goods inventory	13,000	20,000
Purchases of direct materials		74,000
Direct manufacturing labor		22,000
Indirect manufacturing labor		17,000
Plant insurance		7,000
Depreciation—plant, building, and equipment		11,000
Repairs and maintenance—plant		3,000
Marketing, distribution, and customer-service costs		91,000
General and administrative costs		24,000

1. 1. Prepare a schedule for the cost of goods manufactured for 2017.
2. 2. Revenues for 2017 were $310 million. Prepare the income statement for 2017.