Chapter 2, Problem 2.38P

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

Carolina Corporation	Beginning of 2017	End of 2017
Direct materials inventory	124,000	73,000
Work-in-process inventory	173,000	145,000
Finished-goods inventory	240,000	206,000
Purchases of direct materials		262,000
Direct manufacturing labor		217,000
Indirect manufacturing labor		97,000
Plant insurance		9,000
Depreciation—plant, building, and equipment		45,000
Plant utilities		26,000
Repairs and maintenance—plant		12,000
Equipment leasing costs		65,000
Marketing, distribution, and customer-service costs		125,000
General and administrative costs		71,000

1. 1. Prepare a schedule for the cost of goods manufactured for 2017.

Required

1. 2. Revenues (in thousands) for 2017 were $1_:300,000. Prepare the income statement for 2017.