Q8: What amount will Music, Inc. report as 2021 Cost of Goods Sold on its year ending 2021 Income Statement? Part 2: Music, Inc.Music, Inc. had the following beginning and ending values in its three inventory accounts:Jan 1, 2021$500$1,200$600Dec. 31, 2021$800Raw Materials InventoryWork-in-Progress InventoryFinished Goods Inventory$1,300$750Additional information for the year ending December 31, 2021:Manufacturing costs: $2,875Sales revenue: $15,900Selling & Admin expenses: $3,600Interest expense: $160Income tax rate: 20%

Answered: Q8: What amount will Music, Inc. report…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Q8: What amount will Music, Inc. report as 2021 Cost of Goods Sold on its year ending 2021
Income Statement?

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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Step 1

The cost of goods sold is the total amount your company paid as a cost directly related to the sale of products. This could include re - sale products, raw materials, packaging, and direct costs related to producing or selling the product, depending on your industry.

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