Problem 3-51 Interpreting the Schedule of Cost of Goods Manufactured (LO 3-2, 3-6) [The following Information applies to the questions displayed below.] The following data refers to Huron Corporation for the year 20x2. Sales revenue $2,106,000 Raw-material inventory, 12/31/x1 59,000 Purchases of raw material in 20x2 730,000 Raw-material inventory, 12/31/x2 89,000 Direct-labor cost incurred 475,000 Selling and administrative expenses 267,000 Indirect labor cost incurred 151,000 Property taxes on factory 90,000 Depreciation on factory building 125,000 Income tax expense 24,000 Indirect material used 46,000 Depreciation on factory equipment 60,000 Insurance on factory and equipment Utilities for factory 40,000 71,000 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 41,000 34,000 40,000 Applied manufacturing overhead 577,500