The following selected information was extracted from the 20xl 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 ($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 1December 31

Raw material $15,000$18,200

Work in process$35,700$62,100

Finished goods$ $111,100$97,900

The January 1 and December 31 finishedgoods inventory consisted of 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 20xl, assuming a 30% income tax rate.

5. Determine the number of completed units manufactured during the year.

December31

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.