2-38 Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands)...

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2-38 Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Peterson Company: Peterson Company Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Beginning of End of 2020 2020 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 Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs 1. Prepare a schedule for the cost of goods manufactured for 2020. 2. Revenues for 2020 were $310 million. Prepare the income statement for 2020. 2-38 Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Peterson Company: Peterson Company Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Beginning of End of 2020 2020 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 Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs 1. Prepare a schedule for the cost of goods manufactured for 2020. 2. Revenues for 2020 were $310 million. Prepare the income statement for 2020.