Data table 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 For Year 2020 Purchases of direct materials Direct manufacturing labor Depreciation-plant and equipment $ 13 12 75 19 Sw5 3 54 $ 315 90 960 65 Plant supervisory salaries 3 Miscellaneous plant overhead 32 Revenues 950 Marketing, distribution, and customer-service costs 235 Plant supplies used 12 Data table 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 For Year 2020 Purchases of direct materials Direct manufacturing labor 12 12 75 19 13 54 $ 315 90 Depreciation-plant and equipment 65 Plant supervisory salaries 3 Miscellaneous plant overhead 32 Revenues 950 Marketing, distribution, and customer-service costs 235 Plant supplies used 12 Plant utilities 25 Indirect manufacturing labor 58 The McKnight Corporation has the following account balances (in millions): (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, 2020. Begin by preparing the schedule of cost of goods manufactured (in millions). Start with the direct materials and labor costs, then indirect manufacturing costs, and finally complete the schedule by calculating the cost of goods manufactured. McKnight Corporation Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2020 (in millions) Direct materials costs: Direct materials used Direct manufacturing labor costs /1