The following information pertains to Yuji Corporation: January 1, 20X1 December 31, 20X1 Raw materials inventory $ 34,000 $ 38,000 Work-in-process inventory 126,000 145,000 Finished goods inventory 76,000 68,000 Costs incurred during the year 20X1 were as follows: Raw material purchased $ 116,000 Wages to factory workers 55,000 Salary to factory supervisors 25,000 Salary to selling and administrative staff 40,000 Depreciation on factory building and equipment 10,000 Depreciation on office building 12,000 Utilities for factory building 5,000 Utilities for office building 7,500 Required: Sales revenue during 20X1 was $300,000. The income tax rate is 21%. Compute the following: 1. Cost of raw materials used 2. Cost of goods manufactured/completed 3. Cost of goods sold 4. Gross margin 5. Net income
The following information pertains to Yuji Corporation: January 1, 20X1 December 31, 20X1 Raw materials inventory $ 34,000 $ 38,000 Work-in-process inventory 126,000 145,000 Finished goods inventory 76,000 68,000 Costs incurred during the year 20X1 were as follows: Raw material purchased $ 116,000 Wages to factory workers 55,000 Salary to factory supervisors 25,000 Salary to selling and administrative staff 40,000 Depreciation on factory building and equipment 10,000 Depreciation on office building 12,000 Utilities for factory building 5,000 Utilities for office building 7,500 Required: Sales revenue during 20X1 was $300,000. The income tax rate is 21%. Compute the following: 1. Cost of raw materials used 2. Cost of goods manufactured/completed 3. Cost of goods sold 4. Gross margin 5. Net income
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The following information pertains to Yuji Corporation:
| January 1, 20X1 | December 31, 20X1 | |||||
| Raw materials inventory | $ | 34,000 | $ | 38,000 | ||
| Work-in-process inventory | 126,000 | 145,000 | ||||
| Finished goods inventory | 76,000 | 68,000 | ||||
Costs incurred during the year 20X1 were as follows:
| Raw material purchased | $ | 116,000 | |
| Wages to factory workers | 55,000 | ||
| Salary to factory supervisors | 25,000 | ||
| Salary to selling and administrative staff | 40,000 | ||
| 10,000 | |||
| Depreciation on office building | 12,000 | ||
| Utilities for factory building | 5,000 | ||
| Utilities for office building | 7,500 | ||
Required:
Sales revenue during 20X1 was $300,000. The income tax rate is 21%. Compute the following:
| 1. | Cost of raw materials used | |
| 2. | Cost of goods manufactured/completed | |
| 3. | Cost of goods sold | |
| 4. | Gross margin | |
| 5. | Net income |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question
How do you solve the gross margin and Net income?
Solution
by Bartleby ExpertKnowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education