Peterson Company Beginning of 2020 End of 2020 Direct materials inventory 21,000 23,000 Work-in-process inventory 26,000...

 

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Peterson Company Beginning of 2020 End of 2020 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 61 Required 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. Peterson Company Beginning of 2020 End of 2020 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 61 Required 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.