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The Peterson Corporation has the following account balances (in millions): (Click the icon to view the account balances.) Requirement Prepare an income statement and
The Peterson 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. Peterson 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
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