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 $270 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 in direct 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: Beginning inventory, Jan 1, 2017 Purchases of direct materials Ending inventory, Dec 31, 2017 Direct materials used Direct manufacturing labor 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 $270 million. Prepare the income statement for 2017. (Use parentheses or a minus sign for operating losses.) 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 BE: (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 $270 million. Prepare the income statement for 2017 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 $270 million. Prepare the income statement for 2017. (Use parentheses or a minus sign for operating losses.) Howell Company Income Statement For the Year Ended December 31, 2017 (in thousands) w Cost of goods sold Cost of goods sold Operating costs Total operating costs Operating income/(loss) Choose from any list or enter any number in the input fields and then continue to the next question. i Data Table X Beginning of 2017 End of 2017 21.000 24,000 22,000 20.000 Howell Company Direct materials inventory Work-in-process inventory Finished goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor 16 000 26.000 76.000 25,000 11,000 Plant insurance 8.000 Depreciation=plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs 18,000 3,000 93,000 32,000 Print Done