There are at least three ways to submit a cover letter to an employer. Which methods are

GG Inc. uses LIFO. GG disclosed that if FIFO had been used, inventory at the end of 2021 would have been $16 million higher than

g100num [7]

Answer:

In a situation where FIFO had been used, its reported net income for 2020 would have been $12 million higher than using LIFO for its financial statements.

Explanation:

The Ending Inventory of 2020 would have been $16 million higher in a case where FIFO had been used.

Hence, The Higher ending inventory will tend to means the lower cost of goods sold as well as the higher income which means that if FIFO had been used,the income of 2020 would have been higher by $16 million.

Income tax rate = 25%

The first step is to calculate for the Increase in Income tax expense

Using this formula to calculate for the Increase in Income tax expense

Increase in Income tax expense = Increase in Income x Income tax rate

Let plug in the formula

Increase in Income tax expense= 16 x 25%

Increase in Income tax expense= $4 million

The second step is to calculate for the Increase in Income net income

Using this formula

Increase in net income = Increase in income - Increase in Income tax expense

Let plug in the formula

Increase in net income = 16 - 4

Increase in net income = $12 million

Therefore in a situation where FIFO had been used, its reported net income for 2020 would have been $12 million higher than using LIFO for its financial statements.

3 0

3 years ago

You are preparing a chemical hazard label for a new product. You know that the product is flammable, carcinogenic, and may irrit

dlinn [17]

Answer:

Flame, Health Hazard, and Exclamation Mark

Explanation:

Based on the scenario being described within the question it can be said that the pictograms that need to be on the label would be the Flame, Health Hazard, and Exclamation Mark. That is because these pictograms represent the following:

Health Hazard: carcinogen, mutagenicity, Respiratory Sensitizer, Aspiration toxicity, etc.

Flame: flammable, self-heating, organic peroxides, pyrophorics, etc.

Exclamation mark: Respiratory tract irritant, Irritant, Narcotic Effect, etc.

6 0

4 years ago

In a labor market comprising many firms hiring many workers with identical skills, which of the following is correct?

serg [7]

Answer:

Individual firms and workers are wage takers because they cannot exert any control over the market wage rate.

Explanation:

Remember, a labor market shows the availability of employment and labor, in terms of their supply and demand.

This scenario occurs in a purely competitive labor market.

In this market there many qualified workers with identical skills; meaning the workers share similar skills while the demand for such skills is high because of their importance to firms.

4 0

4 years ago

Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000. Its workers' compensation

jarptica [38.1K]

Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000. Its workers' compensation insurance premium rate of 0.6% is paid at the beginning of each quarter required: Calculate the estimated cost of workers' compensation insurance for the year.

Answer:

$504 per year

$126 per quarter

Explanation:

workers' compensation insurance = payroll x insurance rate.

$84,000 x 0.6%

$84,000 x 0.006 = $504 per year

$504 ÷ 4 = $126 per quarter

5 0

3 years ago

The budget for making the movie The Twilight Saga: New Moon was one-fifth the budget for making Harry Potter: The Half Blood Pri

sergey [27]

Answer:

The budget for The Twilight Saga: New Moon = $50 million

Explanation:

Let the budget for Twilight Saga: New Moon = T

Let the budget for Harry Potter: The Half Blood Prince = H

We are given the following:

$T=\frac{1}{5}H$ (The budget for Twilight Saga is one-fifth the budget for Harry Potter)

Cross multiplying the equation

5T = H - - - - (1)

H + T = 300,000,000 - - - - - (2) (Together the budgets totaled $300 million)

Next, let us substitute the value of H in equation (2) with equation (1)

(5T) + T = 300,000,000

6T = 300,000,000

$T = \frac{300,000,000}{6} \\T = 50,000,000$

Therefore, the budget for The Twilight Saga: New moon = $50,000,000

And the budget for Harry Potter: The Half Blood Prince = $250,000,000

8 0

3 years ago