Homework Question 8, P2-38 (similar to) HW Score: 87.8%, 36 of 41 points Part 1 of 4 O Points: 0 of 5 Save Consider the following account balances (in thousands) for the Howell Company: K Requirements (Click the icon to view the account balances.) 1. Prepare a schedule for the cost of goods manufactured for 2020. 2. Revenues for 2020 were $265 million. Prepare the income statement for 2020. Requirement 1. Prepare a schedule for the cost of goods manufactured for 2020. 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 Data table For the Year Ended December 31, 2020 (in thousands) Direct materials: Beginning of End of Howell Company 2020 2020 Direct materials inventory 21,000 25,000 Work-in-process inventory 29,000 27,000 Finished-goods inventory 11,000 20,000 Purchases of direct materials 76,000 Direct materials used Direct manufacturing labor 24,000 Direct manufacturing labor Indirect manufacturing labor 16,000 Plant insurance 7,000 Depreciation-plant, building, and equipment 17,000 Repairs and maintenance-plant 5,000 Marketing, distribution, and customer-service costs 98,000 ext pages General and administrative costs 28,000 Get more help - 3 FEB 4 O W P J X 200m 5 MacBook Air