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The following data refers to Huron Corporation for the year 20x2. Sales revenue $ 2,106,000 Raw-material inventory, 12/31/x1 89,000 Purchases of raw material in 20x2

The following data refers to Huron Corporation for the year 20x2.

Sales revenue$2,106,000
Raw-material inventory, 12/31/x189,000
Purchases of raw material in 20x2731,000
Raw-material inventory, 12/31/x259,000
Direct-labor cost incurred474,000
Selling and administrative expenses267,000
Indirect labor cost incurred150,000
Property taxes on factory91,000
Depreciation on factory building125,000
Income tax expense24,000
Indirect material used45,000
Depreciation on factory equipment60,000
Insurance on factory and equipment41,000
Utilities for factory70,000
Work-in-process inventory, 12/31/x10
Work-in-process inventory, 12/31/x240,000
Finished-goods inventory, 12/31/x135,000
Finished-goods inventory, 12/31/x240,000
Applied manufacturing overhead577,500

Required:
1. Prepare Huron’s schedule of cost of goods manufactured for 20x2.
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.
3. Prepare the company’s income statement for 20x2.

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