The following selected information was extracted from the 20x1 accounting records of Lone Oak Products:
Raw material purchases 175,000
Direct labor 254,000
Indirect labor 109,000
Selling and administrative salaries 133,000
Building depreciation 80,000
Other factory cost 344,000
Sales revenue($130 per unit) 1,495,000
75% 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 December 31
Raw material 15,800 18,200
Work in process 35,700 62,100
Finished goods 111,000 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.
2. Calculate Lone Oak's cost of goods manufactured.
3. Compute the company's cost of goods sold.
4. Determine net income for 20x1, assuming a 30% income tax rate.
5. Determine the number of completed units manufactured during the year.
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The following selected information was extracted from the 20x1 accounting records of Lone Oak Produc...
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