Question
The following items (in millions) pertain to Chan Corporation Work in process, Jan. 1,2020 $10 Plant utilities $5 Direct materials, Dec. 31,2020 5 Indirect manufacture
The following items (in millions) pertain to Chan Corporation Work in process, Jan. 1,2020 $10 Plant utilities $5 Direct materials, Dec. 31,2020 5 Indirect manufacture labor 20 Finished goods,Dec.31,2020 12 Depreciation-- Plant,building, and equipments 9 Miscellaneous manufacturing overhead 10 revenues 350 Work in process,Dec.31,2020 2 Marketing, distribution, and customer-service costs 90 Finish goods, Jan.1,2020 40 Direct material purchased 80 Direct manufacturing labor 40 Plant supplies used 6 Direct material.jan.1, 2020 30 Property taxes on plant 1 Required: Prepare an income statement and a supporting schedule of cost of goods manufactured
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