Prepare the company schedule of cost of goods sold

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Reference no: EM131875693

Question - The following data refers to Huron Corporation for the year 2005

                      Activities

Amount

Sales revenue

Raw material inventory, 12/31/2004

Purchases of raw material in 2005

Raw material inventory, 12/31/2005

Direct labor cost incurred

Selling & administrative expenses

Indirect labor cost incurred

Property tax on factory

Depreciation on factory building

Income tax expenses

Indirect material used 

Depreciation on factory equipment

Insurance on factory and equipment

Utilities for factory

Work in process inventory, 12/31/2004

Work-in-process inventory ,12/31/2005

Finished goods inventory, 12/31/2004

Finished goods inventory, 12/31/2005

Applied manufacturing overhead

$ 2,105,000

89,000

731,000

59,000

474,000

269,000

150,000

90,000

125,000

25,000

45,000

60,000

40,000

70,000

- 0 -

40,000

35,000

40,000

577,500

Required:

1- Prepare Huron's schedule of cost of goods manufactured for 2005.

2- Prepare the company's schedule of cost of goods sold for 2005. The company closes overapplied or underapplied overhead into cost of goods sold.

3- Prepare the company's income statement for 2005.

Reference no: EM131875693

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