C business mileage during the year to claim the standard mileage rate for the business
Given that <span>Java Jane's first coffeehouse was very successful due to the unique flavors,
on-site baked goods, and inviting ambiance. the owner, jane phillips,
decided to franchise her operation when she was approached by several
interested investors.
The type of marketing system Java Jane's has
most likely adopted is </span><span>a contractual marketing system.</span>
Answer:
The correct answer is letter "B": a line item within income from continuing operations.
Explanation:
Unusual items are those not inherent in the operations of a business. Examples of unusual in character items are plant shutdown costs, costs from acquiring other businesses, or losses due to ti natural disasters. Unusual items according to the Generally Accepted Accounting Principles (GAAP) must appear in the income statement. Though, they appear in separate lines like items to give a better idea of the transactions a company incurs given a period.
Thus, <em>losses incurred as an unusual character will have to be registered in the income statement in the operating income section.</em>
Answer:
Cost Flow Methods
Gross profit and ending inventory on April 30 using:
Gross Profit Ending Inventory
(a) first-in, first-out (FIFO) $75 $546
(b)
last-in, first-out (LIFO) $71 $542
(c) weighted average cost method $73 $544
Explanation:
a) Data and Calculations:
Item Beta Cost
April 2 Purchase $270
April 15 Purchase 272
April 20 Purchase 274
Total $816
Average cost per unit = $272 ($816/ 3 units)
Assume that one unit is sold on April 27 for $345
Gross profit and ending inventory on April 30 using:
Gross Profit Ending Inventory
(a) first-in, first-out (FIFO) $75 ($345 - $270) $546 ($816 - $270)
(b)
last-in, first-out (LIFO) $71 ($345 - $274) $542 ($816 - $274)
(c) weighted average cost method $73 ($345 - $272) $544 ($816 - $272)
Ending inventory = Cost of goods available for sale Minus Cost of goods sold
Gross profit = Sales Minus Cost of goods sold
