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Hello Chegg Gods, Would you be able to assist a struggling Acct. Student in detail? Much thanks 1. The following selected information was extracted from
Hello Chegg Gods, Would you be able to assist a struggling Acct. Student in detail? Much thanks
1. The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: Direct labor Indirect labor Selling and administrative salaies Building depreciation Other selling and administrative expenses Other factory costs Sales revenue ($130 per unit) . 175,000 254,000 109,000 133,000 80,000 195,000 344,000 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: Indircct January 1 December 31 Raw mateial Work in proces Finished goods $15,800 18,200 62,100 97,900 35,700 111,100 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. mo 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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