Answer:
$66,700
b. LIFO = $70800
67807.81
Explanation:
LIFO means last in first out. It means that it is the last purchased inventory that is the first to be sold.
(8130 x 8) + [(9090 - 8130) x 6) = 70800
FIFO means first in, first out. It means that it is the first purchased inventory that is the first to be sold
(3010 x 6) + [(9090 - 3010) x $8] = 66,700
Average cost = [(3010 x 6) + (8130 x 8)] /
18060
48640
b 65040
5760
They will pay net $229,030 after paying a 7.5% commission to their broker.
<h3>What is commission?</h3>
- Commissions are a type of variable-pay compensation for provided services or sold goods.
- Commissions are a typical method of encouraging and rewarding salespeople. It is also possible to create commissions to promote particular sales behaviors.
- For instance, when offering significant discounts, commissions might be decreased.
- When you buy, you normally pay a commission, and when you sell, you typically pay another commission. Investment commissions are not regarded by the IRS as a tax-deductible item.
- Instead, the commission is included in the cost basis of the investment, giving you a small tax break.
<h3>Calculation of net payment:</h3>
= 100% - 7.5%
= 92.5%
= $247,600 x 92.5%
= $229,030
Hence, they will pay net $229,030 after paying a 7.5% commission to their broker.
Learn more about commision here:
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Answer:
$870
Explanation:
When a company makes sales on account, debit accounts receivable and credit sales. Based on assessment, some or all of the receivables may be uncollectible.
To account for this, debit bad debit expense and credit allowance for doubtful debt. Should the debt become uncollectible (i.e go bad), debit allowance for doubtful debt and credit accounts receivable.
Allowance for uncollectible accounts at 5%
= 5% * $302,000
= $1,510
Since the Allowance for Uncollectible Accounts was $640 (credit) before any adjustments, the bad debt expense for the year
= $1,510 - $640
= $870
Answer:
D. Optimization, Equilibrium and Empiricism.
Explanation:
Economics is based on three key concepts which are Optimization, Equilibrium and Empiricism. Optimize is the first principle which means people will select best available option. Second important principle is that economy is always in a state of equilibrium which means if one gains the other also gets best available value. Third concept is that economists use data to make policies. The situation given in the scenario follows all the key concepts of economy.
The answer is C households and business
