What amount will Music, Inc. report as 2021 Cost of Goods Sold on its year ending 2021 Income Statement?
What amount will Music, Inc. report as 2021 Cost of Goods Sold on its year ending 2021 Income Statement?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...
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Music, Inc. had the following beginning and ending values in its three inventory accounts:
|
Jan 1, 2021 |
|
Dec. 31, 2021 |
Raw Materials Inventory |
$500 |
|
$800 |
Work-in-Progress Inventory |
$1,200 |
|
$1,300 |
Finished Goods Inventory |
$600 |
|
$750 |
Additional information for the year ending December 31, 2021:
Manufacturing costs: $2,875- Sales revenue: $15,900
- Selling & Admin expenses: $3,600
- Interest expense: $160
- Income tax rate: 20%
What amount will Music, Inc. report as 2021 Cost of Goods Sold on its year ending 2021 Income Statement?
Question 8 options:
|
$2,875 |
|
$2,775 |
|
$2,850 |
|
$2,625 |
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