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The following data refers to Huron Corporation for the year 20x2. Sales revenue $ 2,106,000 Raw-material inventory, 12/31/x1 89,000 Purchases of raw material in 20x2
The following data refers to Huron Corporation for the year 20x2.
Sales revenue | $ | 2,106,000 | |
Raw-material inventory, 12/31/x1 | 89,000 | ||
Purchases of raw material in 20x2 | 731,000 | ||
Raw-material inventory, 12/31/x2 | 59,000 | ||
Direct-labor cost incurred | 474,000 | ||
Selling and administrative expenses | 267,000 | ||
Indirect labor cost incurred | 150,000 | ||
Property taxes on factory | 91,000 | ||
Depreciation on factory building | 125,000 | ||
Income tax expense | 24,000 | ||
Indirect material used | 45,000 | ||
Depreciation on factory equipment | 60,000 | ||
Insurance on factory and equipment | 41,000 | ||
Utilities for factory | 70,000 | ||
Work-in-process inventory, 12/31/x1 | 0 | ||
Work-in-process inventory, 12/31/x2 | 40,000 | ||
Finished-goods inventory, 12/31/x1 | 35,000 | ||
Finished-goods inventory, 12/31/x2 | 40,000 | ||
Applied manufacturing overhead | 577,500 | ||
Required:
1. Prepare Huron’s schedule of cost of goods manufactured for 20x2.
2. Prepare the company’s schedule of cost of goods sold for 20x2. The company closes overapplied or underapplied overhead into Cost of Goods Sold.
3. Prepare the company’s income statement for 20x2.
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Answer 1 Schedule of Cost of Goods Manufactured for Huron Corporation for the year 20x2 Direct Mater...Get Instant Access to Expert-Tailored Solutions
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