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% What is 2021 Gross Margin Percentage?   Question 10 options:   80.19%   87.22%   83.49%   85.19%

The following information is available for Bandera Manufacturing Company for the month ending January 31: Cost of goods manufactured $177,180 Selling expenses 59,180 Administrative expenses 31,290 Sales 376,970 Finished goods inventory, January 1 42,600 Finished goods inventory, January 31 38,830 a.  For the month ended January 31, determine Bandera Manufacturing’s cost of goods sold. Bandera Manufacturing Company Cost of Goods Sold January 31   $fill in the blank 485dbcfbb05e064_2   fill in the blank 485dbcfbb05e064_4   $fill in the blank 485dbcfbb05e064_6   fill in the blank 485dbcfbb05e064_8   $fill in the blank 485dbcfbb05e064_10 b.  For the month ended January 31, determine Bandera Manufacturing’s gross profit. Bandera Manufacturing Company Gross Profit January 31   $fill in the blank bdadc6f76009002_2   fill in the blank bdadc6f76009002_4   $fill in the blank bdadc6f76009002_6 c.  For the month ended…

Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,300 units; cost $7.40 each. 8 Purchased 16,500 units for $6.80 each. 14 Sold 13,200 units for $13.30 each. 18 Purchased 9,900 units for $6.20 each. 25 Sold 12,200 units for $12.30 each. 28 Purchased 5,300 units for $5.80 each. 31 Inventory on hand-9,600 units. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using last-in, first-out (LIFO). Perpetual LIFO: Beg. Inventory Purchases: August 8 August 18 August 28 Total Cost of Goods Available for Sale Cost per unit 3,300 $7.40 $ # of units 16,500 6.80 9,900 6.20 5.8 5,300 35,000 Cost of Goods Available for Sale $ 24,420 112,200 61,380 30,740 228,740 Cost of Goods Sold - August 14 # of units sold 0 Cost per unit Cost…

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