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 consider the direct material used, direct labor, and manufacturing overheads. The cost of goods manufactured is the total expenses incurred to manufacture goods. Step 2: In order to prepare the schedule for the cost of goods manufactured for 2014, we need to gather the following details: - Direct Material: - Beginning inventory: $130,000-Purchases:$256,000 - Ending inventory: $68,000-Directmaterialused:$454,000 - Direct manufacturing labor: $212,000 - Manufacturing overhead costs: [details not provided] Step 3: Now, we can calculate the cost of goods manufactured for 2014 by adding up the direct material used, direct manufacturing labor, and manufacturing overhead costs. Step 4: To prepare the income statement for 2014, we need to list the income and expenses of the business for the accounting year in order to determine profitability.