Schedule for the cost of goods manufactured for 2014.

Step 1: To determine, prepare a schedule for the cost of goods manufactured for 2014. Explanation: The 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 manufacture goods. Step 2: To determine, prepare an income statement for 2014. Explanation: An income statement is a part of financial statements that lists the income and expenses of a business for an accounting year. It is prepared at the end of the accounting period to know the profitability of the business.