[The following information applies to the questions displayed below.] The following data refer to Huron Corporation for the year 20x2. $ Sales revenue Raw-material inventory, 12/31/x1 Purchases of raw material in 20x2 Raw-material inventory, 12/31/x2 Direct-labor cost incurred Selling and administrative expenses Indirect labor cost incurred Property taxes on factory Depreciation on factory building Income tax expense Indirect material used Depreciation on factory equipment Insurance on factory and equipment Utilities for factory Work-in-process inventory, 12/31/x1 Work-in-process inventory, 12/31/x2 Finished-goods inventory, 12/31/x1 Finished-goods inventory, 12/31/x2 Applied manufacturing overhead Direct material: Required: . Prepare Huron's schedule of cost of goods manufactured for 20x2. Raw material available for use HURON CORPORATION Schedule of Cost of Goods Manufactured For the Year Ended December 31, 20X2 Raw material used Direct labor Manufacturing overhead: MORE Total actual manufacturing overhead Overhead applied to work in process Total manufacturing costs Subtotal Cost of goods manufactured 2,105,000 89,000 730,000 59,000 474,000 268,000 151,000 91,000 $ $ 126,000 24,000 45,000 60,000 41,000 70,000 0 40,000 34,000 40,000 577,500 0 $ $ $ $ 0 0 0 0 0
[The following information applies to the questions displayed below.] The following data refer to Huron Corporation for the year 20x2. $ Sales revenue Raw-material inventory, 12/31/x1 Purchases of raw material in 20x2 Raw-material inventory, 12/31/x2 Direct-labor cost incurred Selling and administrative expenses Indirect labor cost incurred Property taxes on factory Depreciation on factory building Income tax expense Indirect material used Depreciation on factory equipment Insurance on factory and equipment Utilities for factory Work-in-process inventory, 12/31/x1 Work-in-process inventory, 12/31/x2 Finished-goods inventory, 12/31/x1 Finished-goods inventory, 12/31/x2 Applied manufacturing overhead Direct material: Required: . Prepare Huron's schedule of cost of goods manufactured for 20x2. Raw material available for use HURON CORPORATION Schedule of Cost of Goods Manufactured For the Year Ended December 31, 20X2 Raw material used Direct labor Manufacturing overhead: MORE Total actual manufacturing overhead Overhead applied to work in process Total manufacturing costs Subtotal Cost of goods manufactured 2,105,000 89,000 730,000 59,000 474,000 268,000 151,000 91,000 $ $ 126,000 24,000 45,000 60,000 41,000 70,000 0 40,000 34,000 40,000 577,500 0 $ $ $ $ 0 0 0 0 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
4
![Required information
[The following information applies to the questions displayed below.]
The following data refer to Huron Corporation for the year 20x2.
$
Sales revenue
Raw-material inventory, 12/31/x1
Purchases of raw material in 20x2
Raw-material inventory, 12/31/x2
Direct-labor cost incurred
Selling and administrative
expenses
Indirect labor cost incurred
Property taxes on factory
Depreciation on factory building
Income tax expense
Indirect material used
Depreciation on factory equipment
Insurance on factory and
equipment
Utilities for factory
Work-in-process inventory,
12/31/x1
Work-in-process inventory,
12/31/x2
Finished-goods inventory,
12/31/x1
Finished-goods inventory,
12/31/x2
Applied manufacturing overhead
Direct material:
Raw material available for use
Required:
1. Prepare Huron's schedule of cost of goods manufactured for 20x2.
HURON CORPORATION
Schedule of Cost of Goods Manufactured
For the Year Ended December 31, 20X2
Raw material used
Direct labor
Manufacturing overhead:
Total actual manufacturing overhead
Overhead applied to work in process
Total manufacturing costs
Subtotal
Cost of goods manufactured
2,105,000
89,000
730,000
$
$
0
59,000
474,000
268,000
151,000
91,000
126,000
24,000
45,000
60,000
41,000
70,000
0
40,000
34,000
40,000
577,500
$
$
0
$
$
0
0
0
0
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbfcf1573-4098-4fdf-aa4e-888c4fa834cc%2Fc3fbcefd-c375-4c01-bfd6-faad00384702%2F92doki_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
The following data refer to Huron Corporation for the year 20x2.
$
Sales revenue
Raw-material inventory, 12/31/x1
Purchases of raw material in 20x2
Raw-material inventory, 12/31/x2
Direct-labor cost incurred
Selling and administrative
expenses
Indirect labor cost incurred
Property taxes on factory
Depreciation on factory building
Income tax expense
Indirect material used
Depreciation on factory equipment
Insurance on factory and
equipment
Utilities for factory
Work-in-process inventory,
12/31/x1
Work-in-process inventory,
12/31/x2
Finished-goods inventory,
12/31/x1
Finished-goods inventory,
12/31/x2
Applied manufacturing overhead
Direct material:
Raw material available for use
Required:
1. Prepare Huron's schedule of cost of goods manufactured for 20x2.
HURON CORPORATION
Schedule of Cost of Goods Manufactured
For the Year Ended December 31, 20X2
Raw material used
Direct labor
Manufacturing overhead:
Total actual manufacturing overhead
Overhead applied to work in process
Total manufacturing costs
Subtotal
Cost of goods manufactured
2,105,000
89,000
730,000
$
$
0
59,000
474,000
268,000
151,000
91,000
126,000
24,000
45,000
60,000
41,000
70,000
0
40,000
34,000
40,000
577,500
$
$
0
$
$
0
0
0
0
0
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education