Financial Statement Elements: Manufacturer 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 selling and administrative expenses 195,000 Other factory costs 344,000 sales revenue ($130perunil) 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: January1 December 31 Raw material $ 15,800 $18,200 Work in process 35,700 62,100 Finished goods* 111 ,1 00 97,900 *The January 1andOecember 31finished-goodsinventoryconsistedof 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. 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 labor is $115,000 and other factory costs amount to $516,000. (please show work on excel)