Reference no: EM132811288

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

Sales revenue $ 2,107,000

Raw-material inventory, 12/31/x1 89,000

Purchases of raw material in 20x2 732,000

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

Direct-labor cost incurred 474,000

Selling and administrative expenses 267,000

Indirect labor cost incurred 151,000

Property taxes on factory 90,000

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 equipment 40,000

Utilities for factory 70,000

Work-in-process inventory, 12/31/x1 0

Work-in-process inventory, 12/31/x2 40,000

Finished-goods inventory, 12/31/x1 35,000

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

Applied manufacturing overhead 577,500

Problem 1: Prepare the company's income statement for 20x2.