- Required Information The Following Information Applies To The Questions Displayed Below The Following Selected Info 1 (45.63 KiB) Viewed 47 times
! Required information [The following information applies to the questions displayed below.] The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: Raw material purchases Direct labor Indirect labor Selling and administrative salaries Building depreciation* Other selling and administrative expenses Other factory costs Sales revenue ($130 per unit) *Seventy-five percent of the
company's building was devoted to production activities; the remaining 25 percent was used for selling and administrative functions. Inventory data: January 1 $ 15,900 35,900 112,100 $ 176,000 255,000 108,000 133,000 80,000 195,000 343,000 1,495,000 December 31 $18, 200 Raw material Work in process 62,100 Finished goods* 97,900 *The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 units, respectively.
Required: 1. Calculate Lone Oak's manufacturing overhead for the year. Manufacturing overhead
2. Calculate Lone Oak's cost of goods manufactured. Cost of goods manufactured
3. Compute the
company's cost of goods sold. Cost of goods sold
4. Determine net income for 20x1, assuming a 30% income tax rate. Net income
5. Determine the number of completed units manufactured during the year. Number of completed units