$!$SOLVE THE RED BOX!

The Cole 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 $31,2020.$

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

Direct materials inventory, January $1,2020,$$$20$

Work$-$in$-$process inventory, January $1,2020$

Finished goods inventory, January $1,2020$

Direct materials inventory, December $31,2020$

Work$-$in$-$process inventory, December $31,2020$

Finished goods inventory, December $31,2020$

For Year $2020$

Manufacturing costs incurred during $2020$

Total manufacturing costs to account for

Cost of goods manufactured