Consider the following account balances (in thousands) for the Piedmont Corporation:

Required1. Prepare a schedule for the cost of goods manufactured for 2011.2. Revenues for 2011 were $600 million. Prepare the income statement for2011.

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Beginning of End of Piedmont Corporation 2011 2011 Direct materials inventory Work-in-process inventory Finished goods inventory 65,000 34,000 83,000 72,000 123,000 102,000 Purchases of direct materials 128,000 Direct manufacturing labor Indirect manufacturing labor 106,000 48,000 Indirect materials 14,000 Plant insurance 2,000 Depreciation-plant, building, and equipment Plant utilities 21,000 12,000 Repairs and maintenance-plant Equipment leasing costs Marketing, distribution, and customer-service costs General and administrative costs 8,000 32,000 62,000 34,000