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 is Music, Inc.’s 2021 Gross Margin (also referred to as Profit Margin)? Question 9 options: $13,175 $12,175 $13,275 $12,275
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 is Music, Inc.’s 2021 Gross Margin (also referred to as Profit Margin)? Question 9 options: $13,175 $12,175 $13,275 $12,275
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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 is Music, Inc.’s 2021 Gross Margin (also referred to as Profit Margin)?
Question 9 options:
|
$13,175 |
|
$12,175 |
|
$13,275 |
|
$12,275 |
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