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The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: Raw material purchases $ 177,000 Direct labor 254,000 Indirect labor

The following selected information was extracted from the 20x1 accounting records of Lone Oak Products:

Raw material purchases $ 177,000
Direct labor 254,000
Indirect labor 108,000
Selling and administrative salaries 133,000
Building depreciation* 80,000
Other selling and administrative expenses 195,000
Other factory costs 343,000
Sales revenue ($130 per unit) 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:

January 1 December 31
Raw material $

15,900

$

18,200

Work in process

35,900

62,100
Finished goods*

111,100

97,900

*The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 units, respectively.

Required:

2. Calculate Lone Oaks cost of goods manufactured.

3. Compute the companys 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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