Reference no: EM132648681

The following data refers to Huron Corporation for the year 2005

Activities

Amount

Sales revenue                              $ 2,105,000

Raw material inventory, 12/31/2004       89,000  

Purchases of raw material in 2005         731,000

Raw material inventory, 12/31/2005     59,000

Direct labor cost incurred                  474,000

Selling & administrative expenses        269,000

Indirect labor cost incurred                 150,000

Property tax on factory                     90,000

Depreciation on factory building          125,000

Income tax expenses                       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, 12/31/2004          - 0 -

Work-in-process inventory ,12/31/2005        40,000

Finished goods inventory, 12/31/2004          35,000

Finished goods inventory, 12/31/2005           40,000

Applied manufacturing overhead                      577,500

Required:

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

Question 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.