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The following data refers to Huron Corporation for the year 20x2 Sales revenue$2105000 Raw-material Inventory

The following data refers to Huron Corporation for the year 20x2. Sales revenue ................. $2,105,000 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 ......... 269,000 Indirect labor cost Incurred ............. 150,000 Property taxes on factory .............. 90,000 Depreciation on factory building ........... 125,000 Income tax expense ............... 25,000 Indirect material used ............... 45,000 Depreciation on factory equipment ......... 60,000 Insurance on factory and equipment .......... 40,000 Utilities for factory ................ 70,000 Work-In-process Inventory, 12/31/x1 ......... -0- Work-In-process inventory, 12/3/x2 ........... 40000 Finished goods inventory, 12/31/xl .......... 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 over applied or under applied overhead into Cost of Goods Sold. 3. Prepare the company’s income statement for 20x2.

Apr 11 2020 View more View Less

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