Stewart Company has the following information for the year ended December $31,2024.$

$($Click the icon to view the information.$)$

Use the information to prepare a schedule of cost of goods manufactured and an income statement. Assume no indirect materizls are ysad and all amonts are shown in millio:

Begin by preparing a schedule of cost of goods manufactured.

$\backslash$table$[[$Stewart Company$],[$Schedule of Cost of Goods Manufactured$],[$Year Ended December $31,2024],[($in millions$)],[$Cost of Goods Manufactured$],[$Now prepare an income statement.$],[$Stewart Company$],[$Income Statement$],[($in millions$)]]$

Data table

$\backslash$table$[[$Inventory balances:,Beginning,Ending$],[$Work$-$in$-$Process,$9,14],[$Finished Goods,$5,18]]$

Other information:

$\backslash$table$[[$Sales Revenue,$225],[$Selling and Administrative Expenses,$98],[$Direct Labor,$45],[$Manufacturing Overhead; actual and allocated,$25],[$Direct Materials Used,$25]]$

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