The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: Raw...
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The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: Raw material purchases Direct laber Indirect labor Selling and administrative salaries Building depreciation" Other selling and administrative expenses. Other factory costs Sales revenue ($130 per unit..... Seventy-five percent of the company's building was devoted to production acte the remaining 25 percent was used for selling and administrative functions Inventory data: wwww. ***** ********* ********* ******* ******* anoni ********** ******** ****** ******* ******** ********* ******* Raw material Work in process Finished goods "The January 1 and December 31 finished-goede inventory consisted of 1,350 units and 1,190 units, respectively. January 1 $ 15,800 35,700 111,100- $ 175,000 254,000 100,000 133,000 80,000 195,000 344,000 1,495,000 December 31 $18,200 62,100 97,900 Required: Prepare the the following statements: a. Cost of Goods Manufactured (Estimated total M/O is $400,000, Cost driver Direct Labor Cost: estimated total DAL $250.000). b. Cost of Goods Sold. The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: Raw material purchases Direct laber Indirect labor Selling and administrative salaries Building depreciation" Other selling and administrative expenses. Other factory costs Sales revenue ($130 per unit..... Seventy-five percent of the company's building was devoted to production acte the remaining 25 percent was used for selling and administrative functions Inventory data: wwww. ***** ********* ********* ******* ******* anoni ********** ******** ****** ******* ******** ********* ******* Raw material Work in process Finished goods "The January 1 and December 31 finished-goede inventory consisted of 1,350 units and 1,190 units, respectively. January 1 $ 15,800 35,700 111,100- $ 175,000 254,000 100,000 133,000 80,000 195,000 344,000 1,495,000 December 31 $18,200 62,100 97,900 Required: Prepare the the following statements: a. Cost of Goods Manufactured (Estimated total M/O is $400,000, Cost driver Direct Labor Cost: estimated total DAL $250.000). b. Cost of Goods Sold.
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