The Benesch Corporation has the following account balances (in millions):

For Specific Date For Year 2014

Direct materials inventory, Jan. 1, 2014 $13 Purchases of direct materials $320

Work-in-process inventory, Jan. 1, 2014 10 Direct manufacturing labor 120

Finished goods inventory, Jan. 1, 2014 76 Depreciationplant and equipment 90

Direct materials inventory, Dec. 31, 2014 27 Plant supervisory salaries 5

Work-in-process inventory, Dec. 31, 2014 5 Miscellaneous plant overhead 32

Finished goods inventory, Dec. 31, 2014 55 Revenues 965

Marketing, distribution, and customer-service costs 235

Plant supplies used 10

Plant utilities 36

Indirect manufacturing labor 72

Requirement

Prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31,2014.

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.

Benesch Corporation

Schedule of Cost of Goods Manufactured

Year Ended December 31, 2014 (in millions)

Direct materials costs:

Direct materials used

Direct manufacturing labor costs