The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: $ 177,000 255,000 108,000 133,000 80,000 195,000 342,000 1,495,000 Raw material purchases Direct labor 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 activities; the remaining 25 percent was used for selling and administrative functions. Inventory data: Items Raw material December 31 $ 18, 200 62, 100 97,900 Work in process Finished goods* *The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 units, respectively. January 1 $ 15,900 35,900 113,100

The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: $ 177,000 255,000 108,000 133,000 80,000 195,000 342,000 1,495,000 Raw material purchases Direct labor 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 activities; the remaining 25 percent was used for selling and administrative functions. Inventory data: Items Raw material December 31 $ 18, 200 62, 100 97,900 Work in process Finished goods *The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 units, respectively. January 1 $ 15,900 35,900 113,100

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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