w 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
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 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 |
$ 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.
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