Answer:
Deductibles
Explanation:
In general usage, the term deductible may be used to describe one of several types of clauses that are used by insurance companies as a threshold for policy payments. Deductibles are typically used to deter the large number of claims that a consumer can be reasonably expected to bear the cost of, by restricting its coverage to events that are significant enough to incur large costs, the insurance firm expects to pay out slightly smaller amounts much less frequently, incurring much higher savings . Deductibles are a portion of the insured loss (in dollars) paid by the policy holder .Collision and comprehensive coverage are subject to a deductible that you, as the insured, would select. Other coverage that may be sold include towing, rental/reimbursement and mechanical breakdown. A deductible is a portion of a covered loss that is not paid by the insurer. The deductible is subtracted from the amount the insurer would otherwise be obligated to pay you as the insured. The deductible amount is selected by you. Generally, a higher premium is charged for a lower deductible and lower premium for a higher deductible.
The amount allocated to ending inventory is $3664.
LIFO is an inventory method that means last in, first out. It means that it is assumed that the latest inventory that is sold, is the first to be sold. Ending inventory is made up of inventory that is purchased eelier.
- Total inventory sold = 40 + 26 = 68 units
- Sum of total inventory bought and beginning inventory = 10 + 60 + 30 = 100
- Ending inventory = 100 - 68 = 32
- Value of ending inventory = (22 x $112) + (10 x $120)
$2464 + $1200 = $3664
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Answer:
The equivalent units for conversion cost are 28080.
Explanation:
Firstly, we need to find our how much units are being sold
Units Sold= physical units - ending units
Units sold= 31500 - 11400 = 20100
Then we need to add units sold with percentage completion of ending units in order to find out equivalent units for conversion cost
Formula:
Equivalent units for conv. cost= units sold + (%completion of ending units)
Equivalent units for conv. cost= 20100 + ( 70% ×11400)
Equivalent units for conv. cost= 20100 + 7980
Equivalent units for conv. cost= 28080
Answer:
Adjusted Gross Income =$ 102,000
Explanation:
Gross Income $ 200,000
Business Expenses $ 60000
Gross income earned from your self-employment $140,000
Less alimony to his former spouse $30000
Less Health Insurance Premium $6000
Less Medicine and Doctor fees $ 2000 (Assuming its under Qualified Medical Expenses)
Adjusted Gross Income =$ 102,000
Since mortgage interest relates to personal home, it is not deductiable.
