Music, Inc. had the following beginning and ending values in its three inventory accounts: Raw Materials Inventory Work-in-Progress Inventory Finished Goods Inventory Jan 1, 2021 $500 $1,200 $600 Dec. 31, 2021 $800 $1,300 $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%

Music, Inc. had the following beginning and ending values in its three inventory accounts: Raw Materials Inventory Work-in-Progress Inventory Finished Goods Inventory Jan 1, 2021 $500 $1,200 $600 Dec. 31, 2021 $800 $1,300 $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%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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