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(my answers were wrong) please help The Howell Corporation has the following account balances (in millions): (Click the icon to view the account balances.) Requirement
(my answers were wrong) please help
The Howell Corporation has the following account balances (in millions): (Click the icon to view the account balances.) Requirement Prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31, 2017 Begin by preparing the schedule of cost of goods manufactured (in millions). Start with the direct materials and labor costs, then indirect manufacturing costs, and finally complete the schedule by calculating the cost of goods manufactured. Howell Corporation Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (in millions) Direct materials costs: Beginning inventory, Jan. 1, 2017 Purchases of direct materials Cost of direct materials available for use Ending inventory, Dec. 31, 2017 Direct materials used Direct manufacturing labor costs 325 100 For Specific Date For Year 2017 $ Direct materials inventory, Jan. 1, 2017 Work-in-process inventory, Jan. 1, 2017 Finished goods inventory, Jan. 1, 2017 Direct materials inventory, Dec. 31, 2017 Work-in-process inventory, Dec 31, 2017 Finished goods inventory, Dec. 31, 2017 15 Purchases of direct materials 10 Direct manufacturing labor 70 Depreciation-plant and equipment 20 Plant supervisory salaries 5 Miscellaneous plant overhead 55 Revenues Marketing, distribution, and customer-service costs Plant supplies used 950 Plant utilities Indirect manufacturing laborStep by Step Solution
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