Answer:
Following are the solution to this question:
Explanation:
Calculating the cost of the product sold:
FIFO:
June 1: 23 units costing of
each
Aug 27: 23 units costing of
each
13 units costing of
each
Total cost of product sold
LIFO:
June 1: 23 units costing of
each
Aug 27: 36 units costing of
each = 540
Total cost of product sold
Average cost:
June 1: 23 units costing of
each
Aug 27: 36 units costing of
each
Total cost of product sold 
Answer:
Total taxable income = $245,000
Total Tax = $84430
Explanation:
given data
11% of first = $40,000 profits
22% of next = $26,000
39% of next = $29,000
42% of over = $95,000
gross revenues = $380,000
total costs = $120,000
allowable tax deductions = $15,000
to find out
taxable income for the first year and how much should the company expect to pay in taxes
solution
we get here first Total taxable income that is
Total taxable income = Total revenue - (Total cost + Tax deductions ) .......................1
put here value we get
Total taxable income = $380,000 - ($120,000 + $15,000 )
Total taxable income = $380000 - $135000 = $245,000
so total tax will be
Total Tax = [0.11 × 40000 + 0.22 × 26000 + 0.39 × 29000 + 0.42 × (245000 95000) ]
Total Tax = 4400 + 5720 +11310 +63000
Total Tax = $84430
The answer is true. Economics is a system invented to supply a certain demand from a population. But the underlying central issue is will the resources last to supply that demand.
Answer:
$15,000
Explanation:
In leo company books, the gain recognized would be $75,000 - $60,000 = $15,000 as they are selling the land $15,000 more than it initially cost them
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