Question

Requirement 1. Prepare a schedule for the cost of goods manufactured for 2017 Begin by preparing the schedule of cost of goods manufactured in thousands). Start with the direct materials and labor costs, then indirect manufacturing costs, and complete the schedule by calculating cost of goods manufactured.
I only need requirement 2 solved please! I believe my answer is correct, but not sure.

Answer 1

Income statement provided above is already correct.

Income statement
Revenues		$             290,000
Cost of goods sold
Beginning Finished Goods Inventory	$               13,000
Add: Cost of goods manufactured	$             147,000
Goods Available for sale	$             160,000
Less :Ending Finished goods Inventory	$               20,000
Cost of Goods Sold		$             140,000
Gross margin		$             150,000
Operating costs
Marketing, distribution and customer-service costs	$               97,000
General and administrative costs	$               38,000
Total operating costs		$             135,000
Operating income /(loss)		$               15,000