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 for 2014, we need to calculate the sum total of all the expenses incurred to manufacture goods. This includes the direct material used, direct labor, and manufacturing overheads. Step 2. Direct material expenses can be calculated by subtracting the ending inventory of direct materials from the sum of the beginning inventory and purchases of direct materials. Step 3. Direct manufacturing labor expenses can be determined by adding up the total direct labor costs incurred during the manufacturing process. Step 4. Manufacturing overhead costs are other expenses incurred during the manufacturing process that cannot be directly attributed to either direct materials or direct labor. These costs need to be allocated and added to the total cost of goods manufactured. Step 5. To prepare the schedule for the cost of goods manufactured for 2014, we need to list the particulars and their corresponding details. These details include the amounts in thousands of dollars. Step 6. The particulars for the cost of goods manufactured schedule are as follows: - Direct Material: This includes the beginning inventory, purchases, and ending inventory of direct materials. The direct material used is calculated by subtracting the ending inventory from the sum of the beginning inventory and purchases. - Direct Manufacturing Labor: This is the total cost of direct labor incurred during the manufacturing process. - Manufacturing Overhead Costs: These are the other expenses incurred during the manufacturing process that cannot be directly attributed to direct materials or direct labor. Step 7. Finally, calculate the total amount for each particular and present the information in a table format for easy reference.