=+2-38 KK Income statement and schedule of cost of goods manufactured OBJECTIVE 5 Hancock Ltd has the following account balances (in millions):

For specific date For year 2013 Direct materials inventory, 1 January 2013 $15 Purchases of direct materials $325 Work-in-process inventory, 1 January 2013 10 Direct manufacturing labour 100 Finished goods inventory, 1 January 2013 70 Depreciation—plant and equipment 80 Direct materials inventory, 31 December 2013 20 Plant supervisory salaries 5 Work-in-process inventory, 31 December 2013 5 Miscellaneous plant overhead 35 Finished goods inventory, 31 December 2013 55 Revenues 950 Marketing, distribution and customer service costs 240 Plant supplies used 10 Plant utilities 30 Indirect manufacturing labour 60 Required Prepare an income statement and a supporting schedule of cost of goods manufactured for the financial year ended 31 December 2013. (For additional questions regarding these facts, see the next problem.)