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

Raw material purchases ........................................................ . $ 175,000

Direct labor ............................................................................... 254,000

lnclirect 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 tile company's building was clevotecl to production activities, the remaining 25 percent was used for selling and administrative functions

lnventory data: January 1(first number) December 31 (second number)

Raw material.. $ 15.800 (January 1) $18,200 (December 31)

Work in process .. 35,700 (January 1) 62,100 (December 31)

Finished goods: 111,100 (January 1) 97.900 (December 31)

Tlie January 1ancl December 31 finished goods inventory consisted of 1,350 units ancl 1,190 units, respectively.

Required:

I. 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 20x 1, assuming a 30S~ income tax rate.

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

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.

GIVE STEPS FOR EXCEL IF POSSIBLE !