ds of Lone Oak traditional to arrive? 2-38 The following selected information was extracted from the 20x1 accounting records of I Tement Products: wufacturer Raw material purchases .. manufactured: Direct labor ................. Indirect labor ..................... 154,420 Selling and administrative salaries ...... Building depreciation .............. Other selling and administrative expenses ..... Other factory costs........... Sales revenue ($130 per unit) .............. es from Seventy-five percent of the company's building was devoted to production activities, the remaining 25 percent was used for selling and in the administrative functions. $ 175,000 254,000 109,000 133,000 80,000 195.000 344,000 1,495,000 Inventory data: January 1 Raw material ..... $ 15,800 Work in process 35,700 Finished goods .......... 111,100 *The January 1 and December 31 finished goods inventory consisted of 1,350 units and 1,190 units, respectively. December 31 $18,200 62.100 97,900 Required: 1. Calculate Lone Oak's manufacturing overhead for the year. 2. Calculate Lone Oak's cost of goods manufactured. Chapter 2 Basic Cost Management Concent and Accounting for Mass Customization Operations 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. 6. Build a spreadsheet: Construct an Excel spreadsheet to solve all of the preceding requirements. Show how the solution will change if the following data change: indirect laboris $115.000 and other factory costs amount to $516,000