Chapter 3, Problem 50P

The following data refers to Huron Corporation for the year 20x2.

Required:

1. 1. Prepare Huron’s schedule of cost of goods manufactured for 20x2.
2. 2. Prepare the company’s schedule of cost of goods sold for 20x2. The company closes overapplied or underapplied overhead into Cost of Goods Sold.
3. 3. Prepare the company’s income statement for 20x2.
4. 4. Build a spreadsheet: Construct an Excel spreadsheet to solve all of the preceding requirements. Show how the solution will change if the following data change: sales revenue was $2,115,000, applied manufacturing overhead was $580,000, and utilities amounted to $78,000.