Answer:
A. Measures the ending inventory at the actual prices of the specific units sold during the period
Explanation:
The Specific identification inventory costing method is a strategy of getting the actual ending inventory cost. To get this cost requires the deliberate manual calculation of each of the remaining commodities brought on certain dates, at year-end inventory. The number gotten is then multiplied by their actual cost of purchase date. The result is then taken as the ending inventory cost.
Consequently, the purpose is to allocates the specific cost of each inventory item to cost of goods sold.
Hence, in this case, the correct answer is option A. Measures the ending inventory at the actual prices of the specific units sold during the period.
Based on the information given the tax cost is: c. $10,340.
<h3 /><h3>Tax cost</h3>
Using this formula
Tax cost=(Amount withdrew×Marginal tax)+ Premature withdrawal penalty
Let plug in the formula
Tax cost=x ($22,000 × 37%) + $2,200
Tax cost=$8,140+$2,200
Tax cost=$10,340
Inconclusion the tax cost is: c. $10,340.
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4.when you divide the closing price by the dividend you get a number higher thsn 50
Accounting information system integration is the process of standardizing the procedure for recording transactions and disseminating financial information. <span />
Answer:
Increase Rent Expense, $4,000; decrease Prepaid Rent, $4,000.
Explanation:
Since Fisher Shoe Store paid $24,000 to Acme Realty for 6 months rent beginning July 1, we will calculate monthly rent amount by:
24,000/6 = $4,000
Financial statements are prepared on July 31, so we will adjust the July rent in the adjusting entry.
We will debit the rent expense by $4,000 and credit the prepaid rent which is an asset to decrease it by an amount of $4,000.
