Income statement and schedule of cost of goods manufactured. The Howell Corporation has the following account balances (in millions):

For Specific Date For Year 2007 Direct materials,January 1, 2007 $ 18 Purchases of direct materials $390 Work in process,January 1, 2007 12 Direct manufacturing labour 120 Finished goods,January 1, 2007 84 Amortization—plant building Direct materials, December 31, 2007 24 and equipment 96 Work in process, December 31, 2007 6 Plant supervisory salaries 6 Finished goods, December 31, 2007 66 Miscellaneous plant overhead 42 Revenues 1,140 Marketing, distribution, and customer service costs 288 Plant supplies used 12 Plant utilities 36 Indirect manufacturing labour 72 Required Prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31, 2007. (For additional questions regarding these facts, see the next problem.)