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Accounting

Howell Corporation has the following account balances (in millions)

For Specific Date For Year 2009
Direct materials inventory, Jan 1, 2009 $15 Purchases of Direct Materials $325
Work-in-process inventory, Jan 1, 2009 $10 Direct manufacturing labor $100
Finished goods inventory, Jan 1, 2009 $70 Depreciation - plant and equipment $80
Direct Materials Inventory, Dec 31,2009 $20 Plant supervisor salaries $5
Work-in-process inventory, Dec 31,2009 $5 Miscellaneous plant overhead $35
Finished goods inventory, Dec 31,2009 $55 Revenues $950
Marketing, distribution, and suctomer service costs $240
Plant Supplies used $10
Plant utilities $30
Indirect manufacturing labor $60

Prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31, 2009.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9435155

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