The following data refers 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

$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 20x2
2. Prepare the company's schedule of cost of goods sold fo 20x2. The Company
closes overapplied or underapplied overhead into Cost of Goods Sold
3. Prepare the company's income statement for 20x2

Huron Corporation
Schedule of Cost of Goods Manufactured
For the Year December 31, 20x2
Particulars
Direct Material:
Raw material inventory, 12/31/x1
Add: Purchases of raw material
Raw material available for use
Deduct: Raw material inventory, 12/31/x2
Raw material used
Direct Labor
Manufacturing overhead:
Indirect material
Indirect labor
Depreciation on factory building
Depreciation on factory equipment
Utilities
Property taxes
Insurance
Total actual manufacturing overhead
Deduct: Underapplied overhead
Overhead applied to work-in-process
Total manufacturing costs
Add:Work-in-process inventory, 12/31/x1
Subtotal
Deduct: Work-in-process inventory, 12/31/x2
Cost of goods manufactured

Amount($)

Huron Corporation
Schedule of Cost of Goods Sold
For the Year December 31, 20x2
Particulars
Finished-goods inventory, 12/31/x1
Add: Cost of goods manufactured

Amount($)

Cost of goods available for sale

Deduct: Finished-goods inventory, 12/31/x2
Cost of goods sold
Add: Underapplied overhead
Cost of goods sold (Adjusted for underapplied overhead)

Huron Corporation
Income Statement
For the Year December 31, 20x2
Particulars
Sales revenue
Less: Cost of goods sold
Gross margin
Selling & administrative expenses
Income before taxes
Income tax expense
Net income

Amount($)

Amount($)