Solve it

The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: Raw material purchases ..... .... ......................................................................................................................... Direct labor . Indirect labor . Selling and administrative salaries . Building depreciation* ................................................ .. Other selling and administrative expenses ........................................................ Other factory costs . Sales revenue ($130 per unit) $ 175,000 254,000 109,000 133,000 80,000 195,000 344,000 *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 $ 15,800 Raw material . 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. Required: December 31 $18,200 62,100 97,900 1. 2. 3. 4. 5. 6. Calculate Lone Oak's manufacturing overhead for the year. Calculate Lone Oak's cost of goods manufactured. Compute the company's cost of goods sold. Determine net income for 20x1, assuming a 30% income tax rate. Determine the number of completed units manufactured during the year. 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.