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3) Consider the following account balances in thousands for the Yankee Company for the year ended...

3) Consider the following account balances in thousands for the Yankee Company for the year ended December 31, 2017: Direct Materials Inventory, Beginning $ 44,000 Direct Material Inventory, Ending 26,000 Work in Process, Beginning 32,000 Work in Process, Ending 14,000 Finished Goods Inventory, Beginning 25,000 Finished Goods Inventory, Ending 18,000 Direct Materials, Purchased 99,000 Direct Labor 32,000 Indirect Labor 12,000 Plant insurance 19,000 Other insurance 18,000 Depreciation – plant 11,000 Depreciation – other 10,000 Repairs & Maintenance – plant 35,000 Marketing & Customer support 75,000 Plant rent 18,000 General & Admin 36,000 Required: Prepare a statement of cost of goods manufactured and an income statement for the year ended December 31, 2017, please note sales were $315,000,000

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