The following data refers to Huron Corporation for the year 2005 Activities Amount Sales revenue $ 2,105,000 Raw material inventory, 12/31/2004 89,000 Purchases of raw material in 2005 731,000 Raw material inventory, 12/31/2005 59,000 Direct labor cost incurred 474,000 Selling & administrative expenses 269,000 150,000 Indirect labor cost incurred Property tax on factory Depreciation on factory building 90,000 125,000 Income tax expenses 25,000 Indirect material used 45,000 Depreciation on factory uipment 60,000 Insurance on factory and equipment 40,000 Utilities for factory 70,000 Work in process inventory, 12/31/2004 -0- Work-in-process inventory,12/31/2005 40,000 Finished goods inventory, 12/31/2004 35,000 Finished goods inventory, 12/31/2005 40,000 Applied manufacturing overhead 577,500 Required: 1- Prepare Huron's schedule of cost of goods manufactured for 2005. (20 points) 2- Prepare the company's schedule of cost of goods sold for 2005. The company closes overapplied or underapplied overhead into cost of goods sold. (20 points) 3- Prepare the company's income statement for 2005. (10 points)