Direct materials, Jan.1,2020

$15

Depreciation- plant building and equipment

$80

Work in process, Jan. 1 2020

$10

Plant supervisory salaries

$5

Finished goods, Jan. 1 2020

$70

Miscellaneous plant overhead

$35

Direct materials, Dec. 31, 2020

$20

Revenues (sales)

$950

Work in process, Dec. 31, 2020

$5

Marketing, distribution, and customer-service costs

$240

Finished goods, Dec. 31, 2020

$55

Plant supplies used

$10

Purchase of direct materials

$325

Plant utilities

$30

Direct manufacturing labor

$100

Indirect manufacturing labor

$60

prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31, 2020. Explain the meaning of cost of goods manufactured