Schedule of Cost of Goods Manufactured and Sold; Income Statement
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/xl | -0- |
Work-in-process inventory, 12/31/x2 | 40,000 |
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 overapplied or underapplied overhead into Cost of Goods Sold.
3. Prepare the company's income statement for 20x2.
4. Build a spreadsheet: Construct an Excel spreadsheet to solve all of the preceding requirements. Show how the solution will change if the following data change: sales revenue was $2,115,000, applied manufacturing overhead was $580,000, and utilities amounted to $78,000.
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