\\ = / eztomheducationcom Cl 0 r l Week 1 Assessment Problems 0 Saved Help Save 3. Exit Submit 5 Required information Problem 2-38 Financial Statement Elements: Manufacturer (LO 2-5, 2-6) [The following information applies to the questions displayed below. ] Part 1 of 5 - The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: 455 Raw material purchases $ 175, 000 points Direct labor 255, 000 Indirect labor 107, 000 Selling and administrative salaries 133, 000 Building depreciatiom 80, 000 El other selling and administrative expenses 195, 000 ea?\" Other factory costs 344, 000 Sales revenue ($130 per unit) 1,495,000 '5' . . . . . a . . Prim 'Seventyfive percent of the company's budding was devoted to production activmes; the remaining 25 percent was used for selling and administrative functions. E Inventory data: References January 1 December 31 Raw material $ 16,000 $10, 200 Work in process 35,800 62, 100 Finished goods>i