1. Calculate Lone Oaks manufacturing overhead for the year.

2. Calculate Lone Oaks cost of goods manufactured.

3.Compute the companys 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.

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 material purchases Raw Direct labor Indirect labor Selling and administrative salaries Building depreciation Other selling and administrative expenses Other factory costs Sales revenue ($130 per unit) $ 175,000 255,000 108,000 133,000 80,000 195,000 343,000e 1,495,000 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 December 31 Raw material work in process Finished goods* $ 15,900 $18,200 62,100 97,900 35,800 112,100 The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 units, respectively