B: Practical Questions (20 points each; 40 points in total) Write down your answer in PEN on the designated answer booklet. Question 1 The Howell Corporation has the following account balances (in millions): For Specific Date Direct materials inventory, Jan. 1, 2019 Work-in-process inventory, Jan. 1, 2019 Finished goods inventory, Jan. 1, 2019 Direct materials inventory, Dec. 31, 2019 Work-in-process inventory, Dec. 31, 2019 Finished goods inventory, Dec. 31, 2019 For Year 2019 $70 Purchases of direct materials $325 15 Direct manufacturing labor 100 10 Depreciation plant and equipment 50 55 Plant supervisory salaries 5 20 Miscellaneous plant overhead 40 5 Revenues 870 Marketing, distribution, and customer service costs 180 Plant supplies used 10 Plant utilities 15 Indirect manufacturing labor 30 Delivery expenses within plants 110 Warranties costs 25 Required: (20 points in total) Suppose the applied manufacturing overhead equals to the actual manufacturing overhead. 1) Provide the schedule for direct materials used in year 2019. (4 points) 2) Provide the schedule for cost of goods manufactured in year 2019. (6 points) 3) Provide the schedule for cost of goods sold in year 2019. (6 points) 4) Provide the income statement for Howell Corporation for fiscal year ended in year 2019. (Note: whenever you are preparing financial statements you should write a title). (4 points)