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Arisa [49]
3 years ago
14

The following lots of a particular commodity were available for sale during the year:Beginning inventory 5 units at $61First pur

chase 15 units at $63Second purchase 10 units at $74Third purchase 10 units at $77The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year.What is the amount of cost of good sold for the year according to the average cost method?
$1,380$1,375$1,510$1,250
Business
1 answer:
castortr0y [4]3 years ago
4 0

Answer:

$1,380

Explanation:

The computation of the average cost per unit is shown below:

= (Beginning inventory units × price per unit + first purchase inventory units × price per unit + second purchase inventory units × price per unit + third purchase inventory units × price per unit) ÷ (Beginning inventory units + first purchase inventory units + second purchase inventory units + third purchase inventory units)

= (5 units × $61 + 15 units × $63 + 10 units × $74 + 10 units × $77) ÷ (5 units + 15 units + 10 units + 10 units)

= ($305 + $945 + $740 + $770 ) ÷ (40 units)

= ($2,760 units) ÷ (40 units)

= $69

Now the cost of goods sold equals to

= (Inventory units × average cost per unit )

= 20 units × $69 per unit

= $1,380

Since there are total 40 units out of which 20 units are sold, so the remaining units i.e 20 units  would be consider as cost of goods sold

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D) have customers who operate in many different parts of the country.

Explanation:

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Farah Snack Co. has earnings after taxes of $108,750. Interest expense for the year was $20,000; preferred dividends paid were $
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$0.9

Explanation:

Data provided in the question:

Earnings after taxes = $108,750

Interest expense for the year = $20,000

Preferred dividends paid = $18,750

Common dividends paid = $30,000

Common stock outstanding = 100,000 shares

Now,

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= Earnings after taxes - Preferred dividends paid

= $108,750 - $18,750

= $90,000

Therefore,

Earnings per share on the common stock

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= $90,000 ÷ 100,000

= $0.9

7 0
3 years ago
Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy’s employer withheld $11,200 of federal in
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Answer:

Tax Due by Jeremy is $218

Explanation:

Step 1: Calculate Jeremy's total Income

$100,000 (Salary) + $6,000 (Interest Income) + $4,000 (long term capital gain)=  $110,000

Jeremy's exclusion at this point is 0.

Therefore, Jeremy's Gross income = $110,000, This is also Jeremy's Adjusted Gross Income (AGI).

Step 2: Calculate Taxable Income after deductions.

AGI= $110,000

Deductions from AGI= $23,000 (The greater of standard or itemized deduction).

Qualified Business Income Deductions (QBI)= $0 (Jeremy did not declare any personal business).

Taxable Income= AGI-Deductions- QBI Deductions

= $110,000-$23,000-0

= $87,000

Step 3: Calculate Jeremy's Tax Liability as follows:

Capital Gain is included as part of Gross Income, therefore finding the tax liability will necesitate that the capital gain be deducted and only the taxable percentage be added back.

Jeremy's tax liability = (87,000-4,000) + (4,000 x 0.15)

= ($83,000 x 15.4%) + 600

=$12,818 + 600

=$13,418

Jeremy's total tax Liability= $13,418 - $0 (non refundable tax credit) + 0 (other taxes)

Jeremy's total tax liability = $13,418

The total tax payment made by Jeremy

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Therefore the tax due by Jeremy is Total Tax Liability - Tax Payment mande

= $13,418 - $13,200

= $218

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3 years ago
When determining the level of control and independence of an employee or independent contractor, which category covers how the w
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Answer:

A) Behavioural

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