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

For Specific Date For Year 2014

Direct materials inventory, Jan 1, 2014	$ 15	Purchases of direct materials	$ 325
Work-in process inventory Jan 1, 2014	10	Direct manufacturing labor	100
Finished goods inventory, Jan. 1, 2014	70	Depreciation--Plant and equipment	80
Direct materials inventory, Dec. 31, 2014	20	Plant supervisory salaries	5
Work-in process inventory Dec. 31, 2014	5	Miscellaneous plant overhead	35
Finished goods inventory, Dec. 31, 2014	55	Revenues	950
Marketing, distribution and customer-	240
service costs
Plant supplies used	10
Plant utilities	30
Indirect manufacturing labor	60

Prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31, 2014. (for additional questions regarding these facts, see next problem.