[The following information applies to the questions displayed below.] The following selected information was extracted from the 201 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 $ 175,000 254,000 109,000 133,000 80,000 195,000 Sales revenue ($130 per unit) 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: Raw material Work in process Finished goods* January 1 December 31 $ 18,200 $ 15,800 35,700 111,100 62,100 97,900 *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. Manufacturing overhead 2. Calculate Lone Oak's cost of goods manufactured. Cost of goods manufactured 3. Compute the company's cost of goods sold. Cost of goods sold 4. Determine net income for 201, assuming a 30% income tax rate. Net income 5. Determine the number of completed units manufactured during the year. Number of completed units Required information [The following information applies to the questions displayed below.] Highlander Cutlery manufactures kitchen knives. One of the employees, whose job is to cut out wooden knife handles, worked 48 hours during a week in January. The employee earns $12 per hour for a 40-hour week, and overtime is paid after 40 hours. For additional hours, the employee is paid an overtime rate of $18 per hour. The employee's time was spent as follows: Regular duties involving cutting out knife handles General shop cleanup duties 38 hours Idle time due to power outage 9 hours 1 hour Required: 1. Calculate the total cost of the employee's wages during the week described above. Total cost of wages [The following information applies to the questions displayed below.] Highlander Cutlery manufactures kitchen knives. One of the employees, whose job is to cut out wooden knife handles, worked 48 hours during a week in January. The employee earns $12 per hour for a 40-hour week, and overtime is paid after 40 hours. For additional hours, the employee is paid an overtime rate of $18 per hour. The employee's time was spent as follows: Regular duties involving cutting out knife handles General shop cleanup duties 38 hours Idle time due to power outage 9 hours 1 hour 2. Determine the portion of this cost to be classified in each of the following categories: a. Direct labor b. Manufacturing overhead (idle time) c. Manufacturing overhead (overtime premium) d. Manufacturing overhead (indirect labor) Total cost of wages G