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Part 2: Music, Inc. 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%

Part 2: Music, Inc. 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
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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Q10: What is 2021 Gross Margin Percentage? 

Part 2: Music, Inc. Music, Inc. had the following beginning and ending values in its three inventory accounts: Jan 1, 2021 $500 $1,200 $600 Dec. 31, 2021 $800 Raw Materials Inventory Work-in-Progress Inventory Finished Goods Inventory $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%
Transcribed Image Text:Part 2: Music, Inc. Music, Inc. had the following beginning and ending values in its three inventory accounts: Jan 1, 2021 $500 $1,200 $600 Dec. 31, 2021 $800 Raw Materials Inventory Work-in-Progress Inventory Finished Goods Inventory $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%
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