Answer:
$ 708,420.00
Explanation:
The formula for cost of goods sold is given below
Cost of goods sold=beginning inventory +purchases +freight-purchase discounts-purchases allowance and returns-ending inventory
Cost of goods sold=$42,000+$724,020+$15,600-$11,900-$10,700-$50,600=$ 708,420.00
The purchases discount and purchase returns reduce the value of purchases made hence deducted.
The ending inventory is left in stock as a result is also deducted
Answer:
Option B is correct.
Tom's outside basis be in Freedom,LLC=$26,100
Explanation:
Option B is correct.
Amount Paid by Tom for buying Bob's LLC interest=$23,000
Tom's Share of LLC debt= $3,100
Tom's outside basis be in Freedom,LLC= Amount Paid by Tom for buying Bob's LLC interest + Tom's Share of LLC debt
Tom's outside basis be in Freedom,LLC= $23,000+$3,100
Tom's outside basis be in Freedom,LLC=$26,100
Answer:
Answer is $552.74
Refer below.
Explanation:
Standard mileage rate in 2019=0.58.
953 miles for business purposes in 2019.
953×0.58=552.74
Answer:
C. unfavorable direct labor cost variance
Explanation:
The payment of cash bonuses would result in an unfavorable direct labor cost variance
. The Direct labor cost variance is unfavorable if the actual cost per hour is higher than the standard cost which in this question is as a result of bonuses charged to the direct labor budget. In other word, the factory paid more per hour of labor than what it has estimated
Answer:
1. True
Explanation:
The computation of the depreciation for 1998 under the double declining balance method is shown below:
First we have to find the depreciation rate which is
= One ÷ useful life
= 1 ÷ 4
= 25%
Now the rate is double So, 50%
In year 1, the original cost is $60,000, so the depreciation is $7,500 after applying the 50% depreciation rate and the 3 months
And, in year 2, the depreciation expense is
= ($60,000 - $7,500) × 50%
= $26,250
