Music, Inc. had the following beginning and ending values in its three inventory accounts: Jan 1, 2021 Dec. 31, 2021Raw Materials Inventory$500 $800Work-in-Progress Inventory$1,200 $1,300Finished Goods Inventory$600 $750 Additional information for the year ending December 31, 2021: Manufacturing costs: $2,875 Sales revenue: $15,900Selling & Admin expenses: $3,600Interest expense: $160Income tax rate: 20% What amount will Music, Inc. report as 2021 Cost of Goods Sold on its year ending 2021 Income Statement? Question 8 options: $2,875 $2,775 $2,850 $2,625

Name: Music, Inc. had the following beginning and ending values in its three
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Description: Music, Inc. had the following beginning and ending values in its three inventory accounts: Jan 1, 2021 Dec. 31, 2021Raw Materials Inventory$500 $800Work-in-Progress Inventory$1,200 $1,300Finished Goods Inventory$600 $750 Additional information for t

Cost of goods sold: The cost of goods sold is the cost value of the goods sold during the accounting…

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

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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Music, Inc. had the following beginning and ending values in its three inventory accounts:

	Jan 1, 2021	Dec. 31, 2021
Raw Materials Inventory	$500	$800
Work-in-Progress Inventory	$1,200	$1,300
Finished Goods Inventory	$600	$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%

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

Question 8 options:

	$2,875
	$2,775
	$2,850
	$2,625

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