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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
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
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
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