Question & Answer: The alderman corporation has the following account balances (in millions): Prepare an income statement and a supportin…..

2-28 Income statement and schedule of cost of goods manufactured The Alderman Corporation has the following account balances (in millions): For Specific Date For Year 2013 Direct materials inventory, Jan. 1, 2013 Work-in-process inventory, Jan. 1,2013 Finished goods inventory, Jan. 1, 2013 Direct materials inventory, Dec. 31,2013 Work-in-process inventory, Dec. 31,2013 Finished goods inventory, Dec. 31, 2013 $19 Purchases of direct materials 10 70 24 Plant supervisory salaries Direct manufacturing labor Depreciation-plant and equipment $305 115 60 6 Miscellaneous plant overheacd 54 Revenues Marketing, distribution, and customer-service costs Plant supplies used Plant utilities Indirect manufacturing labor 30 925 235 10 34 68 Prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31, 2013. (For additional questions regarding these facts, see the next problem.) Required

The alderman corporation has the following account balances (in millions): Prepare an income statement and a supporting schedule of cost of goods manufactures for the year ended December 31, 2013. (For additional questions regarding these facts, see the next problem.)

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