The following data refer to Huron Corporation for the year 20x2. Sales revenue Raw-material inventory, 12/31/x1...

 

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The following data refer to Huron Corporation for the year 20x2. Sales revenue Raw-material inventory, 12/31/x1 Purchases of raw material in 20x2 Raw-material inventory, 12/31/x2 Direct labor cost incurred Selling and administrative expenses Indirect labor cost incurred Property taxes on factory Depreciation on factory building Income tax expense Indirect material used Depreciation on factory equipment Insurance on factory and equipment Utilities for factory Work-in-process inventory, 12/31/x1 Work-in-process inventory, 12/31/x2 Finished-goods inventory, 12/31/x1 Finished-goods inventory, 12/31/x2 Applied manufacturing overhead $ 2,107,000 89,000 730,000 59,000 474,000 267,000 150,000 90,000 125,000 23,000 45,000 60,000 40,000 71,000 0 40,000 34,000 40,000 577,500 3. Prepare the company's income statement for 20x2. Answer is complete but not entirely correct. HURON CORPORATION Income Statement For the Year Ended December 31, 20X2 Accumulated depreciation $ 760,000 Less: Cost of goods sold 2,177,500 $ Gross margin (1,417,500) Sales revenue 51,000 x $ Accounts receivable (1,468,500) Work-in-process inventory 51,000 $ Net income (1,519,500) The following data refer to Huron Corporation for the year 20x2. Sales revenue Raw-material inventory, 12/31/x1 Purchases of raw material in 20x2 Raw-material inventory, 12/31/x2 Direct labor cost incurred Selling and administrative expenses Indirect labor cost incurred Property taxes on factory Depreciation on factory building Income tax expense Indirect material used Depreciation on factory equipment Insurance on factory and equipment Utilities for factory Work-in-process inventory, 12/31/x1 Work-in-process inventory, 12/31/x2 Finished-goods inventory, 12/31/x1 Finished-goods inventory, 12/31/x2 Applied manufacturing overhead $ 2,107,000 89,000 730,000 59,000 474,000 267,000 150,000 90,000 125,000 23,000 45,000 60,000 40,000 71,000 0 40,000 34,000 40,000 577,500 3. Prepare the company's income statement for 20x2. Answer is complete but not entirely correct. HURON CORPORATION Income Statement For the Year Ended December 31, 20X2 Accumulated depreciation $ 760,000 Less: Cost of goods sold 2,177,500 $ Gross margin (1,417,500) Sales revenue 51,000 x $ Accounts receivable (1,468,500) Work-in-process inventory 51,000 $ Net income (1,519,500)

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HURON CORPORATION Income Statement For the Year Ended December 31 20X2 Sales Revenue 2107000 Cost of ... View the full answer