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, 2017 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, 2017 (in millions) Direct materials costs: Direct materials used Direct manufacturing labor costs Indirect manufacturing costs: Total indirect manufacturing costs Manufacturing costs incurred during 2017 MIT Total manufacturing costs to account for Cost of goods manufactured Now prepare the income statement for Howell Corporation (in millions). (Use parentheses or a minus sign for operating losses.) Howell Corporation Income Statement For the Year Ended December 31, 2017 (in millions) Cost of goods sold: 11 Cost of goods sold Operating income/loss) 18 9 74 26 4 51 310 For Specific Date Direct materials inventory, Jan. 1, 2017 $ Work-in-process inventory, Jan. 1, 2017 Finished goods inventory, Jan. 1, 2017 Direct materials inventory, Dec. 31, 2017 Work-in-process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 For Year 2017 Purchases of direct materials Direct manufacturing labor Depreciation-plant and equipment Plant supervisory salaries Miscellaneous plant overhead Revenues Marketing, distribution, and customer-service costs Plant supplies used Plant utilities Indirect manufacturing labor 100 60 4 34 950 245 9 28 62