5 Required information The following information applies to the questions The following selected information was extracted from the 20x1 accounting records of Lone Oak Products art 4 of 5 Direct labor Indirect labor Selling and administrative salaries Building depreciation Other selling and administrative expenses Other factory costs Sales revenue ($130 per unit) $ 177,080 256,ee0 188,800 133,000 80,000 195,000 343,e00 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 Ask Inventory data: Raw material Work in process Finished goods* s 16,809 $18,280 62,100 113,100 97,999 35,880 eferences The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 units, respectively 4. Determine net income for 20x1, assuming a 30% income tax rate