The Howell corporation has the following account balances (in millions):

Direct materials, Jan.1,2020

$15

Depreciation- plant building and equipment

$80

Work in process, Jan. 1 2020

$10

Plant supervisory salaries

$5

Finished goods, Jan. 1 2020

$70

Miscellaneous plant overhead

$35

Direct materials, Dec. 31, 2020

$20

Revenues(sales)

$950

Work in process, Dec. 31, 2020

$5

Marketing, distribution, and customer-service costs

$240

Finished goods, Dec. 31, 2020

$55

Plant supplies used

$10

Purchase of direct materials

$325

Plant utilities

$30

Direct manufacturing labor

$100

Indirect manufacturing labor

$60

Required

1-write an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31, 2020.Explain the meaning of cost of goods manufactured.[5marks]

2- Explain whythe Beginning Work in Process (BWIP)is added to the total manufacturing cost to find the cost of goods manufactured?