3-42 - DATA INPUT Huron Corporation Sales revenue...

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DATA INPUT Huron Corporation Sales revenue $2,105,000 Raw-material inventory, 12/31/x1 89,000 Purchases of raw material in 20x2 731,000 Raw-material inventory, 12/31/x2 59,000 Direct-labor cost incurred 474,000 Selling and administrative expenses 269,000 Indirect labor cost incurred 150,000 Property taxes on factory 90,000 Depreciation on factory building 125,000 Income tax expense 25,000 Indirect material used 45,000 Depreciation on factory equipment 60,000 Insurance on factory and equipment 40,000 Utilities for factory 70,000 Work-in-process inventory, 12/31/x1 - 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 SOLUTION 1. Cost of goods manufactured for 20x2 Direct material: Raw material inventory, 12/31/x1 $89,000 Add: Purchases of raw material 731,000 Raw material available for use $820,000 Deduct: Raw-material inventory, 12/31/x2 59,000 Raw material used $761,000 Direct labor
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