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  3. requirement 2 revenues in thousands for 2017were 1300000 prepare the...

Question: requirement 2 revenues in thousands for 2017were 1300000 prepare the...

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

​(Use a minus sign or parentheses for an operating​ loss.)

Carolina Corporation

Income Statement

For the Year Ended December 31, 2017 (in thousands)

Revenues

812,000

Cost of goods sold:

Cost of goods manufactured

812,000

General and administrative costs

71,000

Beginning finished goods, Jan. 1, 2017

24000

Ending finished goods, Dec. 31, 2017

(206000)

Cost of goods sold

917,000

Marketing, distribution, and customer-service costs

125,000

Operating costs:

Total operating costs

Operating income/(loss)

DATA TABLE

Beginning of

End of

Carolina Corporation

2017

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

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