Managerial Accounting

12/9/22, 7:20 PM Question 11 - Week 4 Homework - Connect

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The following data refers to Huron Corporation for the year 20x2.     Sales revenue $2,106,000  Raw-material inventory, 12/31/x1   90,000  Purchases of raw material in 20x2   731,000  Raw-material inventory, 12/31/x2   59,000  Direct-labor cost incurred   473,000  Selling and administrative expenses   268,000  Indirect labor cost incurred   150,000  Property taxes on factory   91,000  Depreciation on factory building   125,000  Income tax expense   25,000  Indirect material used   46,000  Depreciation on factory equipment   60,000  Insurance on factory and equipment   41,000  Utilities for factory   70,000  Work-in-process inventory, 12/31/x1   0  Work-in-process inventory, 12/31/x2   40,000  Finished-goods inventory, 12/31/x1   35,000  Finished-goods inventory, 12/31/x2   40,000  Applied manufacturing overhead   577,500 

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.  

HURON CORPORATION

Schedule of Cost of Goods Sold

For the Year Ended December 31, 20X2

Cost of goods available for sale

Cost of goods sold

Adjusted Cost of goods sold

$ 0

0

$ 0

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