Income statement and schedule of cost of goods manufactured. The following items pertain to Chan Corporation (in millions):

For Specific Date Work in process, Jan. 1, 19_5 $10 Direct materials, Dec. 31, 19_5 5 Finished goods, Dec. 31. 19_5 12 Accounts payable. Dec. 31, 19_5 20 Accounts receivable, Jan. 1,1 9_5 50 Work in process, Dec. 31 , 1 9_5 2 Finished goods, Jan. 1. 19_5 40 Accounts receivable, Dec. 31,1 9_5 30 Accounts payable, Jan. 1, 19_5 40 Direct materials, Jan. 1 . 19_5 30 For Year 19_5 Plant utilities 55 Indirect manufacturing labor 20 Depreciation — plant, building, and equipment 9 Sales 350 Miscellaneous manufacturing overhead 10 Marketing, distribution, and customer-service costs 90 Direct materials purchased 80 Direct manufacturing labor 40 Plant supplies used 6 Property taxes on plant 1 Required Prepare an income statement and a supporting schedule of cost of goods manufactt ed. (For additional questions regarding these facts, see the next problem.)