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Problems 10-2 Determining income statement amounts for a manufacturer (LO10-1, LO10-3, LO10-12) The following information pertains to Yuji Corporation: January 1, 20X1 December 31, 20X1
Problems 10-2 Determining income statement amounts for a manufacturer (LO10-1, LO10-3, LO10-12)
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:
Problems 10-2 Determining income statement amounts for a manufacturer (LO10-1, LO10-3, LO10-12)
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
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