Question
Statement of comprehensive income and schedule if cost of goods manufactured. The Powell corporation has the following account balances (in millions): Direct materials, January 1,
Statement of comprehensive income and schedule if cost of goods manufactured. The Powell corporation has the following account balances (in millions):
Direct materials, January 1, 2022 | $15 | Purchases of direct materials | $390 |
Work-in-process, January 1, 2022 | 10 | Direct manufacturing labour | 120 |
Finished goods, January 1, 2022 | 70 | Depreciation-plant building and equipment | 96 |
Direct materials, December 3, 2022 | 20 | Plant supervisory salaries | 6 |
Work-in-process, December 31, 2022 | 5 | Miscellaneous plant overhead | 42 |
Finished goods, December 31, 2022 | 55 | Revenues | 1,140 |
|
| Marketing, distribution, and customer services costs | 288 |
|
| Plant supplied used | 12 |
|
| Plant utilities | 36 |
|
| Indirect manufacturing labour | 60 |
Required: Prepare a statement of comprehensive income and a supporting schedule of cost of goods manufactured for the year ended December 31, 2022.
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