The following information pertains to Yuji Corporation: Costs incurred during the year 20X1 were as follows: $116,000

The following information pertains to Yuji Corporation:

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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January 1, 20X1 December 31, 20X1 $ 34,000 $ 38,000 Raw materials inventory Work-in-process inventory Finished goods inventory 126,000 76,000 145,000 68,000