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.

Answer rating: 100% (QA)

Answer 1 Schedule of Cost of Goods Manufactured for Huron Corporation for the year 20x2 Direct Mater... View the full answer