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PR 2-38 (Algo) Part 3: Compute the company's cost of goods sold. 3. Compute the...

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Accounting

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PR 2-38 (Algo) Part 3: Compute the company's cost of goods sold. 3. Compute the company's cost of goods sold. PR 2-38 (Algo) Part 1: Calculate Lone Oak's manufacturing overhead for the year. Required: 1. Calculate Lone Oak's manufacturing overhead for the year. Required information PR 2-38 (Algo) Financial-Statement Elements: Manufacturer (LO 2-5, 2-6) [The following information applies to the questions displayed below.] The following selected information was extracted from the 201 accounting records of Lone Oak Products: "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 December 31 finished-goods inventory consisted of 1,350 units and 1,190 units; respectively. PR 2-38 (Algo) Part 4: Determine net income for 201, assuming a 30% income tax rate. 4. Determine net income for 201, assuming a 30% income tax rate. PR 2-38 (Algo) Part 5: Determine the number of completed units manufactured during the year. 5. Determine the number of completed units manufactured during the year

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