. Consider the following account balances (in thousands) for the Quantico Company:

Beginning of 2016 End of 2016 Direct materials inventory RM22,000 RM26,000 Work-in-process inventory 21,000 20,000 Finished goods inventory 18,000 23,000 Purchases of direct materials 75,000 Direct manufacturing labor 25,000 Indirect manufacturing labor 15,000 Plant insurance 9,000 Depreciationplant, building, and equipment 11,000 Repairs and maintenanceplant 4,000 Marketing, distribution, and customerservice costs 93,000 General and administrative costs 29,000

a. Compute the cost of goods manufactured for 2016.

b. Revenues for 2016 were RM300 million. Prepare the income statement for 2016