The following data refers to Huron Corporation for the year 20x2. Sales revenue Raw-material inventory, 12/31/x1 Purchases of raw material in 20x2 Raw-material inventory, 12/31/2 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, 12/31/2 Finished-goods inventory, 12/31/x1 Finished-goods inventory, 12/31/x2 Applied manufacturing overhead $2,106,000 88,000 730,000 59,000 474,000 268,000 150,000 90,000 125,000 25,000 46,000 61,000 40,000 71,000 0 40,000 35,000 40,000 577,500 Required: 1. Prepare Huron's schedule of cost of goods manufactured for 20x2. HURON CORPORATION Schedule of Cost of Goods Manufactured For the Year Ended December 31, 20X2 Direct material: Raw material available for use Raw material used Direct labor Manufacturing overhead: Total actual manufacturing overhead Overhead applied to work in process Total manufacturing costs Subtotal Cost of goods manufactured 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. HURON CORPORATION Schedule of Cost of Goods Sold For the Year Ended December 31, 20X2 Cost of goods available for sale Cost of goods sold Adjusted Cost of goods sold 3. Prepare the company's income statement for 20x2. HURON CORPORATION Income Statement For the Year Ended December 31, 20X2