Required Prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31, 2004. (For additional questions regarding these facts, see the next problem.)

$325 2-29 Income statement and schedule of cost of goods manufactured. The Howell Corporation has the fol- lowing account balances (in millions): For Specific Date For Year 2004 Direct materials, Jan. 1, 2004 $15 Purchases of direct materials Work in process, Jan. 1, 2004 10 Direct manufacturing labor 100 Finished goods, Jan. 1, 2004 70 Depreciation-plant building and Direct materials, Dec. 31, 2004 20 equipment 80 Work in process, Dec. 31, 2004 5 Plant supervisory salaries 5 Finished goods, Dec. 31, 2004 55 Miscellaneous plant overhead 35 Revenues 950 Marketing, distribution, and customer-service costs 240 Plant supplies used 10 Plant utilities 30 Indirect manufacturing labor 60 AN INTRODUCTION TO COST TERMS AND PURPOSES 55 Required Prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31, 2004. (For additional questions regarding these facts, see the next problem.)