The following information pertains to Yuji Corporation: January 1, 20X1December 31, 20X1Raw materials inventory$34,000 $38,000 Work-in-process inventory 126,000 145,000 Finished goods inventory 76,000 68,000 Costs incurred during the year 20X1 were as follows: Raw material purchased$116,000 Wages to factory workers 55,000 Salary to factory supervisors 25,000 Salary to selling and administrative staff 40,000 Depreciation on factory building and equipment 10,000 Depreciation on office building 12,000 Utilities for factory building 5,000 Utilities for office building 7,500 Required:Sales revenue during 20X1 was $300,000. The income tax rate is 21%. Compute the following:1.Cost of raw materials used 2.Cost of goods manufactured/completed 3.Cost of goods sold 4.Gross margin 5.Net income

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Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 14E: For each of the following independent situations, calculate the missing values: 1. The Belen plant...

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The following information pertains to Yuji Corporation:

	January 1, 20X1	December 31, 20X1
Raw materials inventory	$	34,000	$	38,000
Work-in-process inventory		126,000		145,000
Finished goods inventory		76,000		68,000

Costs incurred during the year 20X1 were as follows:


Raw material purchased	$	116,000
Wages to factory workers		55,000
Salary to factory supervisors		25,000
Salary to selling and administrative staff		40,000
Depreciation on factory building and equipment		10,000
Depreciation on office building		12,000
Utilities for factory building		5,000
Utilities for office building		7,500

Required:

Sales revenue during 20X1 was $300,000. The income tax rate is 21%. Compute the following:

1.	Cost of raw materials used
2.	Cost of goods manufactured/completed
3.	Cost of goods sold
4.	Gross margin
5.	Net income

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