Consider the following account balances (in thousands) for the Howell Company: Click the icon to view the account balances) Requirements 1. Prepare a schedule for the cost of goods manufactured for 2017 2. Revenues for 2017 were $290 million. Prepare the income statement for 2017 Requirement 1. Prepare a schedule for the cost of goods manufactured for 2017, Begin by preparing the schedule of cost of goods manufactured (in thousands). Start with the direct materials and labor costs, then indirect manufacturing costs, and complete the schedule by calculating cost of goods manufactured. Howell Company Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (in thousands) Direct materials: Direct materials used Direct manufacturing labor Indirect manufacturing costs: Choose from any list or enter any number in the input fields and then continue to the next question Consider the following account balances (in thousands) for the Howell Company: (Click the icon to view the account balances.) Requirements 1. Prepare a schedule for the cost of goods manufactured for 2017 2. Revenues for 2017 were $290 million. Prepare the income statement for 2017 Indirect manufacturing costs: Total indirect manufacturing costs Manufacturing costs incurred during 2017 Total manufacturing costs to account for Cost of goods manufactured Requirement 2. Revenues for 2017 were 5290 million. Prepare the income statement for 2017. (Use parentheses or a minus sign for operating losses.) Howell Company Income Statement Choose from any list or enter any number in the input fields and then continue to the next question. Consider the following account balances (in thousands) for the Howell Company (Click the icon to view the account balances.) Requirements 1. Prepare a schedule for the cost of goods manufactured fo 2. Revenues for 2017 were $290 million. Prepare the income for 2017 Income Statement For the Year Ended December 31, 2017 (in thousands) Cost of goods sold: Cost of goods sold Operating costs: Total operating costs Operating income/(loss) Howell Company Beginning of 2017 End of 2017 Direct materials inventory 22,000 21,000 13,000 Work-in-process inventory Finished-goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor 26,000 20,000 23,000 74,000 27,000 17,000 7,000 Plant insurance 14,000 Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs 3,000 94,000 38,000
