What is Music, Inc.’s 2021 Pre-Tax Income?Question 12 options:$9,925$9,515$9,455$9,675 Music, Inc. had the following beginning and ending values in its three inventory accounts:Raw Materials InventoryWork-in-Progress InventoryFinished Goods InventoryAdditional information for the year ending December 31, 2021:Manufacturing costs: $2,875• Sales revenue: $15,900• Selling & Admin expenses: $3,600Jan 1, 2021$500$1,200$600• Interest expense: $160• Income tax rate: 20%Dec. 31, 2021$800$1,300$750

Answered: What is Music, Inc.’s 2021 Pre-Tax…

Century 21 Accounting General Journal

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ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

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What is Music, Inc.’s 2021 Pre-Tax Income? Question 12 options: $9,925 $9,515 $9,455 $9,675

Music, Inc. had the following beginning and ending values in its three inventory accounts:
Raw Materials Inventory
Work-in-Progress Inventory
Finished Goods Inventory
Additional information for the year ending December 31, 2021:
Manufacturing costs: $2,875
• Sales revenue: $15,900
• Selling & Admin expenses: $3,600
Jan 1, 2021
$500
$1,200
$600
• Interest expense: $160
• Income tax rate: 20%
Dec. 31, 2021
$800
$1,300
$750

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Net income is generated from preparing income statement in business. First cost of goods sold is deducted from sales in order to calculate gross profit. Then, all expenses are deducted from gross profit in order to calculate net income.

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