Data table Direct Materials, January 1 $ Direct Materials, December 31 Work-in-Process Inventory, January 1 Work-in-Process Inventory, December 31 16 Finished Goods Inventory, January 1 8 Finished Goods Inventory, December 31 6 Direct Materials Purchased, including Freight In 25 Direct Labor 36 Manufacturing Overhead 1712. ABC Manufacturing Company has the following data for 2024 (amounts in millions): (Click the icon to view the information.) Prepare the schedule of cost of goods manufactured and the cost of goods sold section of the income statement for the year ended December 31, 2024(in millions) Direct Materials Used: Direct Materials Used Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Cost of Goods Manufactureda. A cost management system in which a company produces products just in time to satisfy needs. b. A philosophy designed to integrate all organizational areas in order to provide customers with superior products and services, while meeting organizational goals throughout the value chain. c. Software system that can integrate all of a company's functions, departments, and data into a single system. d. Evaluating a company's performance by its economic (profits), social (people), and environmental (planet) impact. e. Includes all activities that add value to a company's products and services.Key Term Definition 13. Triple bottom line 14. Value chain 15. Just-in-time management 16. Enterprise resource planning 17. Total quality management