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$2-41$ Income statement and schedule of cost of goods manufactured. Schaeffer Corporation's manufacturing costing system uses a three$-$part classification of direct materials, direct manufacturing labor, and manufacturing overhead costs. The following items $($in millions$)$ pertain to Schaeffer:

$\backslash$table$[[$For Specific Date,,For Year $2017,],[$Work$-$in$-$process inventory, Jan. $1,2017,$$$10,$Plant utilities,$$8],[$Direct materials inventory, Dec. $31,2017,4,$Indirect manufacturing labor,$21],[$Finished$-$goods inventory, Dec. $31,2017,16,$Depreciation$-$plant and equipment,$6],[$Accounts payable, Dec. $31,2017,24,$Revenues,$359],[$Accounts receivable, Jan. $1,2017,53,$Miscellaneous manufacturing overhead,$15],[$Work$-$in$-$process inventory, Dec. $31,2017,5,\backslash$table$[[$Marketing$,$ distribution, and customer$-],[$service costs$]],90],[$Finished$-$goods inventory, Jan $1,2017,46,$Direct materials purchased,$88],[$Accounts receivable, Dec. $31,2017,32,$Direct manufacturing labor,$40],[$Accounts payable, Jan. $1,2017,45,$Plant supplies used,$9],[$Direct materials inventory, Jan. $1,2017,34,$Property taxes on plant,$2]]$

Required:

Prepare an income statement and a supporting schedule of cost of goods manufactured.

Calculate total prime costs and total conversion costs.

Calculate total inventoriable costs and period costs.

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