The Howell 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. Howell Corporation Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2020 (in millions) Direct materials costs: Purchases of direct materials Beginning inventory, January 1, 2020 Direct materials used Direct manufacturing labor costs Data table For Specific Date Direct materials inventory, January 1, 2020 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 Purchases of direct materials Direct manufacturing labor Depreciation-plant and equipment Plant supervisory salaries $ 15 10 70 502255 $ 325 100 880 Miscellaneous plant overhead 5 35 35 Revenues 950 Marketing, distribution, and customer-service costs 240 Plant supplies used Plant utilities Indirect manufacturing labor 10 30 60 Print Done