The following data refer to snack maker Taquitos To Go for the year 20x1. Work-in-process inventory, 12/31/x0 Selling and administrative salaries Insurance on factory and equipment Work-in-process inventory, 12/31/x1 Finished-goods inventory, 12/31/x0 Cash balance, 12/31/x1 Indirect material used Depreciation on factory equipment Raw-material inventory, 12/31/x0 Property taxes on factory Finished-goods inventory, 12/31/x1 $ 8,000 13,700 3,600 8,300 14,000 8,000 4,300 2,100 10,100 2,400 15,300 Purchases of raw material in 20x1 39,000 Utilities for factory. 6,000 Utilities for sales and administrative offices 2,300 Other selling and administrative expenses 3,600 Indirect labor cost incurred 29,000 Depreciation on factory building 3,600 Depreciation on cars used by sales personnel 1,200 Direct-labor cost incurred 79,000 Raw-material inventory, 12/31/x1 11,000 Accounts receivable, 12/31/x1 4,100 Rental for warehouse space to store raw material 3,000 Rental of space for company president's office Applied manufacturing overhead 1,600 58,000 Sales revenue Income tax expense 207,800 5,100 2. Prepare the company's schedule of cost of goods sold for 20x1. The company closes overapplied or underapplied overhead into Cost of Goods Sold. Answer is complete but not entirely correct. TAQUITOS TO GO Schedule of Cost of Goods Sold For the Year Ended December 31, 20X1 Finished-goods inventory, 12/31/x0 $ 14,000 Add: Cost of goods manufactured 181,600 x Cost of goods available for sale $ 195,600 Less: Finished-goods inventory, 12/31/x1 15,300 Cost of goods sold $ 180,300 Less: Overapplied overhead 6,400 x Adjusted cost of goods sold $ 173,900