P2-39 (similar to) The Smith Corporation has the following account balances (in millions): E (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 Smith Corporation Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (In millions) Direct materials costs: 2$ 15 Beginning inventory, Jan. 1, 2017 315 Purchases of direct materials 330 Cost of direct materials available for use 27 Ending inventory, Dec. 31, 2017 303 Direct materials used 90 Direct manufacturing labor costs Indirect manufacturing costs: 70 Depreciation-plant and equipment Plant supervisory salaries 40 Miscellaneous plant overhead 12 Plant supplies used 35 Plant utilities 60 Indirect manufacturing labor 221 %24 %24 A P2-39 (similar to) The Smith Corporation has the following account balances (in millions): E (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, 221 Total indirect manufacturing costs Manufacturing costs incurred during 2017 Beginning work-in-process inventory, Jan. 1, 2017 Total manufacturing costs to account for Ending work-in-process inventory, Dec. 31, 2017 614 12 626 622 Cost of goods manufactured Now prepare the income statement for Smith Corporation (in millions). (Use parentheses or a minus sign for operating lon Smith Corporation Income Statement For the Year Ended December 31, 2017 (in millions) Cost of goods sold: Cost of aoods sold For Year 2017 For Specific Date $ 315 15 Purchases of direct materials Direct materials inventory, Jan. 1, 2017 90 Work-in-process inventory, Jan. 1, 2017 Finished goods inventory, Jan. 1, 2017 Direct materials inventory, Dec. 31, 2017 12 Direct manufacturing labor 74 Depreciation plant and equipment 70 27 Plant supervisory salaries 40 4 Miscellaneous plant overhead Work-in-process inventory, Dec. 31, 2017 960 59 Revenues Finished goods inventory, Dec. 31, 2017 255 Marketing, distribution, and customer-service costs 12 Plant supplies used 35 Plant utilities 60 Indirect manufacturing labor