Answer:
Ending inventory cost= $5,556.92
Explanation:
Giving the following information:
Mar. 1 Beginning inventory 900 $ 7.26
Mar. 10 Purchase 520 7.76
Mar. 16 Purchase 452 8.36
Mar. 23 Purchase 510 9.06
Units sold= 1,760
<u>Under the FIFO (first-in, first-out) method, the ending inventory is calculated using the costs of the last units incorporated into inventory:</u>
<u></u>
Units in ending invnetory= 2,382 - 1760= 622
Ending inventory cost= 510*9.06 + 112*8.36
Ending inventory cost= $5,556.92
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Answer:
b. number of days' sales in inventory
Answer: $88,400
Explanation:
My corporation Plc
Corporate tax for the year
Operating incom $250,000
Interest received $10,000
Interest paid ($45,000)
Dividends received $6,000
Taxable income $221,000
Since the tax rate is 40%
Tax= 0.4x($221,000) = $88,400.
NOTES
Taxable income is (250000+10000+6000-45000)
Interest paid is in bracket because it's a deduction.
70% of dividends received is excepted from tax
0.3x20000=$6000
Dividends paid out is after tax has been deducted.
