Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Piedmont Corporation:
|
Piedmont Corporation |
Beginning of 2011 |
End of 2011 |
|
Direct materials inventory |
65,000 |
34,000 |
|
Work in process inventory |
83,000 |
72,000 |
|
Finished goods inventory |
123,000 |
102,000 |
|
Purchases of direct materials |
128,000 |
|
|
Direct manufacturing labor |
106,000 |
|
|
Indirect manufacturing labor |
48,000 |
|
|
Indirect materials |
14,000 |
|
|
Plant insurance |
2,000 |
|
|
Depreciation—plant, building, and equipment |
21,000 |
|
|
Plant utilities |
12,000 |
|
|
Repairs and maintenance—plant |
8,000 |
|
|
Equipment leasing costs |
32,000 |
|
|
Marketing, distribution, and customer service costs |
62,000 |
|
|
General and administrative costs |
34,000 |
1. Prepare a schedule for the cost of goods manufactured for 2011.
2. Revenues for 2011 were $600 million. Prepare the income statement for 2011.