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:

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.

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December 31 Raw material Work in process. Finished goods January 1 $15,800 35,700 111,100 $18,200 62,100 97,900