2-34 Income statement and schedule of cost of goods manufactured. The Howell Corporation has the following account balan

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2 34 Income Statement And Schedule Of Cost Of Goods Manufactured The Howell Corporation Has The Following Account Balan 1 (42.93 KiB) Viewed 70 times

2-34 Income statement and schedule of cost of goods manufactured. The Howell Corporation has the following account balances (in millions): For Specific Date Direct materials inventory, Jan. 1, 2011 Work-in-process inventory, Jan. 1, 2011 Finished goods inventory, Jan 1, 2011 Direct materials inventory, Dec. 31, 2011 Work-in-process inventory, Dec 31, 2011 Finished goods inventory, Dec. 31, 2011 $15 10 70 20 5 55 $325 100 80 5 For Year 2011 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 35 950 240 10 30 60 Required Prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31, 2011. (For additional questions regarding these facts, see the next problem.)