Cost of Goods Manufactured: Cost of goods manufactured includes the direct material used, direct labor and manufacturing overheads . It is the sum total of all the expenses incurred to manufactured goods. Income Statement: A part of financial statements that lists the income and expenses of business for an accounting year is called income statement. It is prepared at the end of accounting period to know the profitability of the business. To prepare: Schedule for the cost of goods manufactured for 2014.

Step 1. To determine the cost of goods manufactured, we need to calculate the sum total of all the expenses incurred to manufacture goods. This includes the cost of direct material used, direct labor, and manufacturing overheads. Step 2. To prepare the schedule for the cost of goods manufactured for 2014, we need to gather the following information: - Beginning inventory of direct material - Purchases of direct material - Ending inventory of direct material - Direct manufacturing labor costs - Manufacturing overhead costs Step 3. Calculate the direct material used by subtracting the ending inventory of direct material from the sum of the beginning inventory and purchases of direct material. Step 4. The direct material used is $454,000.Step5.Thedirectmanufacturinglaborcostsare$212,000. Step 6. The manufacturing overhead costs need to be determined. Step 7. Once all the necessary information is gathered and calculated, prepare the schedule by listing the particular details and corresponding amounts in the specified format.