HURON CORPORATION INCOME STATEMENT FOR THE YEAR ENDED 2002
Sales
2,105,000
Cost Of Goods Sold Direct Material - (Opening)
+
Purchases
Direct material available for use
+
Direct Material - (Closing)
474,000 577,500
Indirect Labour Cost
150,000
Indirect Material Used WIP - (Opening) WIP - (Closing) Finished Goods - (Opening)
Cost Of Goods Available For Sale
-
1,235,000
Applied Factory Overhead
Cost Of Goods Manafactured
+
59,000
Direct Labour
Cost of goods to be manafactured
-
820,000 761,000
Total Manafacturing Cost
+
731,000
Direct Material Used
Prime Cost
+ + +
89,000
Finished Goods - (Closing)
Cost Of Goods Sold
45,000
772,500 0
772,500 40,000
732,500 35,000
767,500 40,000
727,500
Gross Profit
-
1,377,500
Operating Expenses Selling Expense Property Taxes Depreciation on factory building
269,000 90,000 125,000
Income tax expenses
25,000
Depreciation on factory equipment
60,000
Insurance of factory and equipment
40,000
Factory utilities
70,000
Total Expenses
679,000
Net Profit
698,500
