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

Sales revenue ...................................................................................................$2,105,000

Raw-material Inventory, 12/31/x1 ........................................................................ 89,000

Purchases of raw material in 20x2 ..................................................................... 731,000

Raw-material inventory, 12/31/x2 ........................................................................ 59,000

Direct-labor cost incurred ................................................................................... 474,000

Selling and administrative expenses ................................................................. 269,000

Indirect labor cost Incurred ................................................................................ 150,000

Property taxes on factory ..................................................................................... 90,000

Depreciation on factory building ....................................................................... 125,000

Income tax expense .............................................................................................. 25,000

Indirect material used .......................................................................................... 45,000

Depreciation on factory equipment ................................................................... 60,000

Insurance on factory and equipment ................................................................ 40,000

Utilities for factory ............................................................................................... 70,000

Work-In-process Inventory, 12/31/x1 ....................................................................... -0-

Work-In-process inventory, 12/3/x2 .................................................................. 40000

Finished goods inventory, 12/31/xl .................................................................. 35,000

Finished-goods inventory, 12/31/x2 ................................................................. 40,000

Applied manufacturing overhead .................................................................. 577,500

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 over applied or under applied overhead into Cost of Goods Sold.

3. Prepare the company’s income statement for 20x2.