Income statement and schedule of cost of goods manufactured. The Howell Corporation has the following account balances (in millions):

For Specific Date

For Year 2011

Direct materials inventory, Jan. 1, 2011

$15

Purchases of direct materials

$325

Work in process inventory, Jan. 1, 2011

10

Direct manufacturing labor

100

Finished goods inventory, Jan. 1, 2011

70

Depreciation—plant and equipment

80

Direct materials inventory, Dec. 31, 2011

20

Plant supervisory salaries

5

Work in process inventory, Dec. 31, 2011

5

Miscellaneous plant overhead

35

Finished goods inventory, Dec. 31, 2011

55

Revenues

950

Marketing, distribution, and customer 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, 2011. (For additional questions regarding these facts, see the next problem.)