2-39 I has the following account balances (in millions) ncome statement and schedule of cost of goods manufactured. The Howell Corporstion For Specific Date For Year 2017 Direct materials inventory, Jan. 1, 2017 Purchases of direct materials 5325 P Work-in-process inventory, Jan. 1, 2017 Finished goods inventory. Jan. 1, 2017 100 10 70 Do Direct and 80 Direct materials inventory, Dec. 31, 2017 20 Work-in-process inventory, Dec. 31,20175 equipment Plant supervisory salaries Miscellaneous plant 35 950 Revenues Marketing, distribution, and Finished goods inventory, Dec. 31, 2017 55 customer-service costs Plant supplies used Plant utilities Indirect manufacturing labor 240 10 30 60 Required: Prepare an income year ended December 31, 2017. problem.) statement and a supporting schedule of cost of goods manufactured for the (For additional questions regarding these facts, see the next