For Year 2017 Purchases of direct materials Direct manufacturing labor Depreciation-plant and equipment Plant supervisory salaries Miscellaneous plant overhead Revenues Marketing, distribution, and customer-service costs Plant supplies used Plant utilities Indirect manufacturing labor For Specific Date Direct materials inventory, Jan. 1, 2017 $325 100 80 5 35 $15 Work-in-process inventory, Jan. 1, 2017 Finished goods inventory, Jan. 1, 2017 10 70 Direct materials inventory, Dec. 31, 2017 20 Work-in-process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 55 950 240 10 30 60 Prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31, 2017. (For additional questions regarding these facts, see the next problem.) Required

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Income statement and schedule of cost of goods manufactured. The Howell Corporation has the following account balances (in millions):

For Year 2017
Purchases of direct materials
Direct manufacturing labor
Depreciation-plant and equipment
Plant supervisory salaries
Miscellaneous plant overhead
Revenues
Marketing, distribution, and
customer-service costs
Plant supplies used
Plant utilities
Indirect manufacturing labor
For Specific Date
Direct materials inventory, Jan. 1, 2017
$325
100
80
5
35
$15
Work-in-process inventory, Jan. 1, 2017
Finished goods inventory, Jan. 1, 2017
10
70
Direct materials inventory, Dec. 31, 2017
20
Work-in-process inventory, Dec. 31, 2017
Finished goods inventory, Dec. 31, 2017
55
950
240
10
30
60
Prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended
December 31, 2017. (For additional questions regarding these facts, see the next problem.)
Required
Transcribed Image Text:For Year 2017 Purchases of direct materials Direct manufacturing labor Depreciation-plant and equipment Plant supervisory salaries Miscellaneous plant overhead Revenues Marketing, distribution, and customer-service costs Plant supplies used Plant utilities Indirect manufacturing labor For Specific Date Direct materials inventory, Jan. 1, 2017 $325 100 80 5 35 $15 Work-in-process inventory, Jan. 1, 2017 Finished goods inventory, Jan. 1, 2017 10 70 Direct materials inventory, Dec. 31, 2017 20 Work-in-process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 55 950 240 10 30 60 Prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31, 2017. (For additional questions regarding these facts, see the next problem.) Required
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