The following data refer 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 $ 2,107,000 89,000 730,000 59,000 474,000 267,000 150,000 90,000 125,000 23,000 45,000 60,000 40,000 71,000 0 40,000 34,000 40,000 577,500 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. Answer is complete but not entirely correct. HURON CORPORATION Schedule of Cost of Goods Sold For the Year Ended December 31, 20X2 Finished-goods inventory, 12/31/x11 $ 34,000 Add: Cost of goods manufactured Cost of goods available for sale $ 34,001 Less: Finished-goods inventory, 12/31/x2 40,000 Cost of goods sold (5,999) Add: Underapplied overhead 86,500 Adjusted Cost of goods sold. $ 80,501