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 Using the browser's print will lead to an undesirable print-out. Use the better print-out. For Specific Date Direct materials inventory, Jan. 1, 2017 $ 15 Work-in-process inventory, Jan. 1, 2017 10 Finished goods inventory, Jan. 1, 2017 70 Direct materials inventory, Dec. 31, 2017 20 Work-in-process inventory, Dec. 31, 2017 5 Finished goods inventory, Dec. 31, 2017 55 For Year 2017 Purchases of direct materials $ 325 100 80 5 35 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 950 240 10 30 60