The following items (in millions) pertain to Schaeffer Corporation:

Schaeffer's manufacturing costing system uses a three-part classification of direct materials, direct manufacturing labor, and manufacturing overhead costs.

Required
Prepare an income statement and a supporting schedule of cost of goods manufactured. (For additional questions regarding these facts, see the next problem.)

Transcribed Image Text:

For Specific Date For Year 2017 Work-in-process inventory, Jan. 1, 2017 Direct materials inventory, Dec. 31, 2017 Finished-goods inventory, Dec. 31, 2017 Accounts payable, Dec. 31, 2017 Accounts receivable, Jan. 1, 2017 S10 16 24 53 Plant utilities Indirect manufacturing labor Depreciation-plant and equipment Revenues Miscellaneous manufacturing 15 overhead Marketing, distribution, and Work-in-process inventory, Dec. 31, 2017 90 Finished-goods inventory, Jan 1, 2017 Accounts receivable, Dec. 31,2017 Accounts payable, Jan. 1, 2017 Direct materials inventory, Jan. 1, 2017 customer-service costs Direct materials purchased Direct manufacturing labor Plant supplies used Property taxes on plant 46 40 45 34