Question - The following data refers to Huron Corporation for the year 2005
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Activities
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Amount
|
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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
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$ 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
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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.