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Gennadij [26K]
3 years ago
15

King Costume started the month with 8 masks in its beginning inventory that cost $10 each. During the month, King Costume purcha

sed 40 additional masks for $12 each. At the end of the month, King counted its inventory and found that 5 masks remained unsold. If King Costume uses LIFO periodic, its Cost of Goods Sold for the month isa. $434.
b. $440.
c. $24.
d. $428.
Business
1 answer:
strojnjashka [21]3 years ago
4 0

Answer:

$510

Explanation:

                                          units          cost             total

beginning inventory             8            $10               $80

purchases                            40           $12             $480

ending inventory                  5

                                                     FIFO ⇒ $12         $60

                                                     LIFO ⇒ $10         $50

                        average = $560 / 48 ⇒ $11.67    $58.33

under LIFO, the cost of goods sold = ($80 + $480 ) - $50 = $510

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On January 1 of this year, Diaz Boutique pays $105,000 to modernize its store. Improvements include new floors, ceilings, wiring
Dominik [7]

Answer:

Explanation:

The journal entries are shown below:

1. Leasehold expense A/c Dr $105,000

        To Cash A/c $105,000

(Being the cost of modernization is recorded)

2. Amortization expense - Leasehold A/c Dr $10,500

           To Leasehold A/c $10,500

(Being amortization expense is recorded)

The computation is shown below:

= Purchase cost  ÷ estimated yield benefits

= $105,000 ÷ 10 years

= $10,500

8 0
3 years ago
Everett, Miguel, and Ramona are partners, sharing income 1:2:3. After selling all of the assets for cash, dividing losses on rea
katovenus [111]

Answer:

$42,700 cash is available for distribution

Explanation:

In order to calculate the cash available for sharing, we will first identify the debit and credit transactions. Debit transactions are expenditures, while credit transactions are incomes, hence we need to calculate the difference between the income and the expenditure.

Available cash = Everett (credit) - Miguel (debit) + Ramona (credit)

Available cash = 52,800 - 47,500 + 37,400 = $42,700

Therefore $42,700 is available in cash for distribution to the partners

7 0
3 years ago
The marginal tax rate for a lump-sum tax a. is always positive. b. is zero. c. can take on any value but must be greater than th
o-na [289]

Answer:

b. is zero.

Explanation:

Taxation can be defined as the involuntary or compulsory fees levied on individuals or business entities by the government to generate revenues used for funding public institutions and activities.

There are three (3) types of taxation used by the government, these are;

1. Progressive taxation: it involves charging individuals having higher incomes a higher percentage of their total income.

For instance, Citizen A pays 20% on $50,000 and Citizen B pays 15% on $36.000.

2. Proportional taxation: it involves charging both lower and higher income earners equally in proportion to their income.

For instance, Citizen A pays 10% on $50,000 and Citizen B pays 10% on $36,000.

3. Regressive taxation: it involves charging individuals with low incomes a higher percentage of their total income and vice-versa.

For instance, Citizen A pays 15% on $50,000 and Citizen B pays 20% on $36,000.

The marginal tax rate for a lump-sum tax is zero because an additional amount of money would not change it.

7 0
3 years ago
our individuals form a business and create a contract to divide the profits equally among the four. Gary invests $11,000, Neil i
Sedbober [7]

Answer:

$800

Explanation:

The computation is shown below:

First we have to determine the total amount invested that is shown below:

= $11,000 + $4,000 + $5,000 + $8,000

= $28,000

And, the profit is $5,600

So, the percentage is

= $5,600 ÷ $28,000

= 0.2

Now the Gary share is

= $11,000 × 0.2

= $2,200

And, each share in profit

= $5,600 ÷ 4

= $1,400

Now the final amount is

= $2,200 - $1,400

= $800

6 0
3 years ago
The increases and decreases caused by business trasactions are recorded in specific accounts. tru or false
Likurg_2 [28]
The answer is true.
8 0
3 years ago
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