P2-39 (book/static) 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. For Specific Date Howell Corporation Direct materials inventory, Jan. 1, 2017 $ 15 Schedule of Cost of Goods Manufactured 10 For the Year Ended December 31, 2017 (in millions) Work-in-process inventory, Jan. 1, 2017 Direct materials costs: Finished goods inventory, Jan 1, 2017 70 Direct materials inventory, Dec. 31, 2017 20 Work-in-process inventory, Dec. 31, 2017 5 Finished goods inventory, Dec. 31, 2017 55 For Year 2017 Purchases of direct materials $ 325 100 Direct materials used Direct manufacturing labor 80 Direct manufacturing labor costs Depreciation-plant and equipment Plant supervisory salaries 5 Indirect manufacturing costs: Miscellaneous plant overhead 35 Revenues 950 Marketing, distribution, and customer-service costs 240 Plant supplies used 10 Plant utilities 30 Indirect manufacturing labor 60 Total indirect manufacturing costs Manufacturing costs incurred during 2017 Total manufacturing costs to account for Cost of goods manufactured Now prepare the income statement for Howell Corporation (in millions). (Use parentheses or a minus sign for operating losses.) Howell Corporation Income Statement For the Year Ended December 31, 2017 (in millions) Cost of goods sold: Cost of goods sold Operating income/(loss)