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For Specific Date For Year 2019 Work in process, January 1, 2019 $ 10.00 Plant utilities 8.00 Direct materials, December 31, 2019 7.00 Indirect manufacturing labour 26.00 Finished goods, December 31, 2019 19.00 Depreciation-plant, building, and equipment 14.00 Accounts payable, December 31, 2019 21.00 Revenues 435.00 Accounts receivable, January 1, 2019 61.00 Miscellaneous manufacturing overhead 12.00 Work in process, December 31, 2019 5.00 Marketing, distribution, and customer-service costs 109.00 Finished goods, January 1, 2019 43.00 Purchases of direct materials 80.00 Accounts receivable, December 31, 2019 33.00 Direct manufacturing labour 46.00 Accounts payable, January 1, 2019 42.00 Plant supplies used 4.00 Direct materials, January 1, 2019 39.00 Property taxes on plant 1.00The following items (in millions) pertain to the Chester Corporation: (Click the icon to view the items.) Chester's manufacturing cost system uses a three-part classification of manufacturing costs. There are two prime costs and one conversion cost: direct materials, direct manufacturing labour, and indirect manufacturing costs. Required Requirement 1. Identify the prime costs. Identify the conversion costs. Complete the table below. (Leave any unused cells blank.) Prime Costs Conversion CostsConversion Costs Requirement 2. Prepare a statement of comprehensive income and a supporting schedule of cost of goods manufactured. Start with the direct costs on the schedule of cost of goods manufactured, then continue with the indirect manufacturing costs, and then compute the cost of goods manufactured. (Work in millions. Enter the amounts rounded to two decimal places.)Chester Company Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2019 (in millions) Direct materials costs: Direct materials used Indirect manufacturing costs:Indirect manufacturing costs: Manufacturing costs incurred during 2019 Add: Total manufacturing costs to account for Less: Cost of goods manufactured New, prepare the statement of comprehensive income' (Work in millions. Enter the amounts rounded to two decimal places Enter parentheses or a minus sign for an operating loss.) Now, prepare the statement of comprehensive income. (Work in millions. Enter the amounts rounded to two decimal places. Enter parentheses or a minus sign for an operating loss.) Chester Company Statement of Comprehensive Income For the Year Ended December 31, 2019 (in millions) Cost of goods sold: Cost of goods sold Operating income/(loss)
