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Natasha_Volkova [10]
3 years ago
9

The units of an item available for sale during the year were as follows: Jan. 1 Inventory 2,500 units at $5 Feb. 17 Purchase 3,3

00 units at $6 July 21 Purchase 3,000 units at $7 Nov. 23 Purchase 1,200 units at $8 There are 1,500 units of the item in the physical inventory at December 31. The periodic inventory system is used.
Business
1 answer:
Alenkasestr [34]3 years ago
5 0

Answer:

ending inventory using FIFO = $11,700

ending inventory using LIFO = $7,500

ending inventory using average method = $9,435

Explanation:

date         item                               units             price             total

Jan. 1        beginning inv.             2,500             $5             $12,500    

Feb. 17     purchase                      3,300             $6             $19,800

July 21      purchase                     3,000             $7             $21,000

Nov. 23    purchase                      1,200             $8              $9,600

total                                              10,000                             $62,900

Dec. 31     ending inv.                   1,500                              

ending inventory using FIFO = (1,200 x $8) + (300 x $7) = $11,700

ending inventory using LIFO = 1,500 x $5 = $7,500

ending inventory using average cost = 1,500 x $6.29 = $9,435

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Sammy and Monica, both age 67, incur and pay medical expenses in excess of insurance reimbursements during the year as follows:
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Answer:

The Sammy and Monica’s medical expense deduction for regular income tax purposes is $17,750.

Explanation:

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Deduction available = excess expenses incurred - 7.5% of AGI

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Answer:

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