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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 20x1 accounting records of Lone Oak Products: 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 December 31 $ 18,200 62,100 97,900 *The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 units, respectively. Raw material Work in process Finished goods * January 1 $ 15,900 35,800 112, 100 $ 175,000 254,000 108,000 133,000 80,000 195,000 344,000 1,495,000 Net income PR 2-38 (Algo) Part 4: Determine net income for 20x1, assuming a 30% income tax rate. 4. Determine net income for 20x1, assuming a 30% income tax rate.

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 bullding was devoted to production activities; the remaining 25 percent was used for selling and administrative functions. Inventory cata: "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

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