For Specific DateWork-in-process inventory, January 1, 2020$17Direct materials inventory, December 31, 20205Finished-goods inventory, December 31, 202014Accounts payable, December 31, 202024Accounts receivable, January 1, 202050Work-in-process inventory, December 31, 20203Finished-goods inventory, January 1, 202043Accounts receivable, December 31, 202031Accounts payable, January 1, 202040Direct materials inventory, January 1, 202039For Year 2020Plant utilities$10Indirect manufacturing labor20Depreciationplant and equipment4Revenues358Miscellaneous manufacturing overhead15Marketing, distribution, and customer-service costs98Direct materials purchased90Direct manufacturing labor44Plant supplies used9Property taxes on plant1

pop-up content ends

PrintDone

Cougar's manufacturing costing system uses a three-part classification of direct materials, direct manufacturing labor, and manufacturing overhead costs. The following items (in millions) pertain to Cougar Corporation: (Click the icon to view the items.) Requirement Prepare an income statement and a supporting schedule of cost of goods manufactured. Begin by preparing the supporting schedule of cost of goods manufactured (in millions). Start with the direct materials and direct labor costs, then indirect manufacturing costs, and complete the schedule by calculating cost of goods manufactured