Reference no: EM132943185
Question - Use the following income to answer all questions in this section: 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%
Required -
1. What amount will Music, Inc. report as ending inventory on its December 31, 2021 balance sheet?
2. What amount will Music, Inc. report as 2021 Cost of Goods Sold on its year ending 2021 Income Statement?
3. What is Music, Inc.'s 2021 Gross Margin (also referred to as Profit Margin)?
4. What is 2021 Gross Margin Percentage?
5. What is Music, Inc.'s 2021 Operating Income?
6. What is Music, Inc.'s 2021 Pre-Tax Income?
7. What is Music, Inc.'s 2021 Tax Expense?
8. What is Music, Inc.'s 2021 Net Income?
|
Discuss examples of surface-level and deep-level diversity
: Reflect on a team you have been a part of in the past in a personal, academic, or work environment.
|
|
Calculate the NPV for ACI Exclusive Fabrics
: Besides, there are no additional cash inflows and outflows from this project. Calculate the NPV for ACI Exclusive Fabrics. Show detailed calculation
|
|
Construct a paper focused on the risks
: Construct a paper focused on the risks and how those risks will be addressed. You will be graded on your identification of the risks as well as your plan
|
|
What is a unique characteristic of values
: What is a unique characteristic of values (types of dominant value) in our country (or identified in Hofstede's research)?
|
|
What amount will Music Inc report as ending inventory
: Additional information for the year ending December 31, 2021: Manufacturing costs: $2,875. What amount will Music Inc report as ending inventory
|
|
What is the future value after seventeen years semi-annual
: What is the future value of $12,500 (deposited today, no other deposits made) after seventeen yearssemi-annual under 6.50% annual rate, with compounding?
|
|
What is the greatest amount that friend can borrow
: Their credit score however is 725; and at that score, they are offered an APR of 3.72%. What is the greatest amount that your friend can borrow?
|
|
How much are monthly mortgage payments
: How much are your monthly mortgage payments? You are about to buy a home; the purchase price of the property is $240,000 and you are paying 10%.
|
|
Provide journal entries for Chatim Corporation
: Provide journal entries for Chatim Corporation for all transactions relating to its investment in Topsoil & Landscape Supplies Ltd. for the year 2019
|