The following selected information was extracted from the 20x1 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:
January1 December31
Raw material 15800 18200
Work in process 35700 62100
Finished goods 111100 97900
The January 1 and December31 finished-goods 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 20x1, assuming a 30% income tax rate.
5. Determine the number of completed units manufactured during theyear.
Answers: 3
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The following selected information was extracted from the 20x1 accounting records of Lone Oak Produc...
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