The following data refer to Huron Corporation for the year 20x2. Sales revenue 2,105,000 Raw-material inventory,...

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The following data refer to Huron Corporation for the year 20x2. Sales revenue 2,105,000 Raw-material inventory, 12/31/x1 Purchases of raw material in 20x2 89,000 730,000 Raw-material inventory, 12/31/x2 59,000 Direct-labor cost incurred 474,000 Selling and administrative 268,000 expenses Indirect labor cost incurred 151,000 Property taxes on factory 91,000 Depreciation on factory building 126,000 Income tax expense 24,000 Indirect material used 45,000 Depreciation on factory equipment 60,000 Insurance on factory and 41,000 equipment Utilities for factory 70,000 Work-in-process inventory, 0 12/31/x1 Work-in-process inventory, 40,000 12/31/x2 Finished-goods inventory, 34,000 12/31/x1 Finished-goods inventory, 40,000 12/31/x2 Applied manufacturing overhead 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/x1 Add: Cost of goods manufactured Cost of goods available for sale $ 34,000 733,500X $ 767,500 40,000 Cost of goods sold 727,500 Add: Underapplied overhead 91,000X $ Adjusted Cost of goods sold 818,500 Less: Finished-goods inventory, 12/31/x2 The following data refer to Huron Corporation for the year 20x2. Sales revenue 2,105,000 Raw-material inventory, 12/31/x1 Purchases of raw material in 20x2 89,000 730,000 Raw-material inventory, 12/31/x2 59,000 Direct-labor cost incurred 474,000 Selling and administrative 268,000 expenses Indirect labor cost incurred 151,000 Property taxes on factory 91,000 Depreciation on factory building 126,000 Income tax expense 24,000 Indirect material used 45,000 Depreciation on factory equipment 60,000 Insurance on factory and 41,000 equipment Utilities for factory 70,000 Work-in-process inventory, 0 12/31/x1 Work-in-process inventory, 40,000 12/31/x2 Finished-goods inventory, 34,000 12/31/x1 Finished-goods inventory, 40,000 12/31/x2 Applied manufacturing overhead 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/x1 Add: Cost of goods manufactured Cost of goods available for sale $ 34,000 733,500X $ 767,500 40,000 Cost of goods sold 727,500 Add: Underapplied overhead 91,000X $ Adjusted Cost of goods sold 818,500 Less: Finished-goods inventory, 12/31/x2