The following information pertains to Yuji Corporation: Raw materials inventory Work-in-process inventory Finished goods inventory January 1, 20x1 $ 34,000 126,000 76,000 Costs incurred during the year 20X1 were as follows: Raw material purchased Wages to factory workers Salary to factory supervisors Salary to selling and administrative staff Depreciation on factory building and equipment Depreciation on office building Utilities for factory building Utilities for office building December 31, 20x1 $ 38,000 $116,000 55,000 25,000 40,000 10,000 12,000 5,000 7,500 145,000 68,000
The following information pertains to Yuji Corporation: Raw materials inventory Work-in-process inventory Finished goods inventory January 1, 20x1 $ 34,000 126,000 76,000 Costs incurred during the year 20X1 were as follows: Raw material purchased Wages to factory workers Salary to factory supervisors Salary to selling and administrative staff Depreciation on factory building and equipment Depreciation on office building Utilities for factory building Utilities for office building December 31, 20x1 $ 38,000 $116,000 55,000 25,000 40,000 10,000 12,000 5,000 7,500 145,000 68,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Foc
Don't upload any image please
![Required:
Sales revenue during 20X1 was $300,000. The income tax rate is 21%. Compute the following:
1.
2.
3.
4.
5.
Answer is complete but not entirely correct.
Cost of raw materials used
Cost of goods manufactured/completed
Cost of goods sold
Gross margin
Net income
$
$
$
Amounts
112,000
188,000
196,000
104,000
127,585](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5313124d-0d82-4d96-9fd1-4fc920dfa14c%2F1f605e6e-eabe-41cc-a866-7b46f3f0e67e%2Fx98awd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required:
Sales revenue during 20X1 was $300,000. The income tax rate is 21%. Compute the following:
1.
2.
3.
4.
5.
Answer is complete but not entirely correct.
Cost of raw materials used
Cost of goods manufactured/completed
Cost of goods sold
Gross margin
Net income
$
$
$
Amounts
112,000
188,000
196,000
104,000
127,585
![The following information pertains to Yuji Corporation:
Raw materials inventory
Work-in-process inventory
Finished goods inventory
January 1, 20x1
$ 34,000
126,000
76,000
Costs incurred during the year 20X1 were as follows:
Raw material purchased
Wages to factory workers
Salary to factory supervisors
Salary to selling and administrative staff
Depreciation on factory building and equipment
Depreciation on office building
Utilities for factory building
Utilities for office building
December 31, 20x1
$ 38,000
$116,000
55,000
25,000
40,000
10,000
12,000
5,000
7,500
145,000
68,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5313124d-0d82-4d96-9fd1-4fc920dfa14c%2F1f605e6e-eabe-41cc-a866-7b46f3f0e67e%2Fldt08hg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following information pertains to Yuji Corporation:
Raw materials inventory
Work-in-process inventory
Finished goods inventory
January 1, 20x1
$ 34,000
126,000
76,000
Costs incurred during the year 20X1 were as follows:
Raw material purchased
Wages to factory workers
Salary to factory supervisors
Salary to selling and administrative staff
Depreciation on factory building and equipment
Depreciation on office building
Utilities for factory building
Utilities for office building
December 31, 20x1
$ 38,000
$116,000
55,000
25,000
40,000
10,000
12,000
5,000
7,500
145,000
68,000
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
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 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge 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
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education