The Howell Corporation has the following account balances (in millions):

Required

Prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31, 2020. (For additional questions regarding these facts, see the next problem.)

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For Specific Date Direct materials inventory, January 1, 2020 Work-in-process inventory, January 1, 2020 Finished goods inventory, January 1, 2020 Direct materials inventory, December 31, 2020 Work-in-process inventory, December 31, 2020 Finished goods inventory, December 31, 2020 $15 10 70 20 5 55 For Year 2020 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 $325 100 80 5 35 950 240 10 30 60