Requirement Prepare an income statement and a supporting schedule of cost of goods manufactured Begin by preparing the supporting schedule of cost of goods manufactured (in millions). Start with the direct materials and direct labor costs, then indirect manufacturing costs, and complete the schedule by calculating cost of goods manufactured. Cougar Corporation Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (in millions) Direct material costs: Direct materials used Direct labor manufacturing costs Indirect manufacturing costs: 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 Cougar Corporation (in millions). (Use parentheses or a minus sign for operating losses.) Cougar Corporation Income Statement For the Year Ended December 31, 2017 Cost of goods sold: Operating income/(loss) Choose from any list or enter any number in the input fields and then continue to the next question. - Data Table Cougar's manufacturing costing system uses a three-part classification of direct materials, direct manufacturing labor, and manufacturing overhead costs. For Specific Date Work-in-process inventory, Jan. 1, 2017 $ 20 Direct materials inventory, Dec. 31, 2017 10 Finished-goods inventory, Dec. 31, 2017 12 Accounts payable, Dec. 31, 2017 21 Accounts receivable, Jan. 1, 2017 50 Work-in-process inventory, Dec. 31, 2017 2 Finished-goods inventory, Jan 1, 2017 40 Accounts receivable, Dec. 31, 2017 38 Accounts payable, Jan. 1, 2017 46 Direct materials inventory, Jan. 1, 2017 39 For Year 2017 Plant utilities Indirect manufacturing labor 27 Depreciationplant and equipment Revenues 355 Miscellaneous manufacturing overhead 14 Marketing, distribution, and customer-service costs 99 Direct materials purchased 87 Direct manufacturing labor 47 Plant supplies used Property taxes on plant 4 $ 9 8 5 Print Done