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lesya692 [45]
3 years ago
6

The accountant at Metlock, Inc. is figuring out the difference in income taxes the company will pay depending on the choice of e

ither FIFO or LIFO as an inventory costing method. The tax rate is 30% and the FIFO method will result in income before taxes of $15730. The LIFO method will result in income before taxes of $14600. What is the difference in tax that would be paid between the two methods?
Business
1 answer:
Lisa [10]3 years ago
6 0

Answer:

$339

Explanation:

Computation of the given data are as follows:

Income before tax in FIFO = $15,730

Tax rate = 30%

So, the Tax amount for FIFO = $15,730 × 30%

= $4,719

And, Income before tax in LIFO = $14,600

Tax rate = 30%

So, the Tax amount for LIFO = $14,600 × 30%

= $4,380

So, the difference in tax amount = Tax amount for FIFO  - Tax amount for LIFO

= $4,719 - $4,380

= $339

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Answer:

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3 0
2 years ago
Raleigh Co. has the following products in its ending inventory. Compute the lower of cost or market total for inventory applied
Rom4ik [11]

Answer:

C. $2,018.00.

Explanation:

The computation of the lower cost or market value is shown below:

For Jelly

= 150 units × $2 per unit

= $300

For Jam

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= $925

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So, the total inventory is

= $300 + $925 + $793

= $2,018

It is come by multiplying the quantity of each one by its lower cost or market value per unit

6 0
2 years ago
For each of the following scenarios identify the correct term.
jonny [76]

Solution :

a). Opportunity cost

  In the field of economics, Opportunity cost may be defined as the loss of a potential gain when some other alternatives are chosen from a given set of opportunities.

b). efficiency

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8 0
3 years ago
There are 5 questions in the question part and for each question write 2 paragraphs.
sashaice [31]

Explanation:

uufig8u formally identify

8 0
2 years ago
Accounts Randall Company estimates its bad debts expense by aging its accounts receivable and applying percentages to various ag
Crazy boy [7]

Answer:

Explanation:

The journal entry will be:

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Credit: Allowance for doubtful $2500

Then, we will calculate the net amount of account receivable that should be included in current assets which will be:

Account receivable = $128000

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Net amount of account receivable = $125000

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