Answer:
C) $80,000
Explanation:
Since Rose uses the LIFO method for determining COGS, the 10,000 units sold should be recorded at $7.90 (purchase price 1/5).
10,000 units still remain in inventory (8,000 beginning + 2,000 last purchase). Using the LIFO costing method the inventory unit cost should be [(8,000 x $8.20) + (2,000 x $7.90)] / 10,000 = $8.14 per unit
If the replacement cost is $8 per unit, and Rose decides to use lower-of-cost-or-market rule, then she should use the lowest cost which is the replacement cost ($8 < $8.14).
So the ending inventory's total cost is $8 per unit x 10,000 units = $80,000
The average variable cost will drop.
A << DELIVERABLE >>refers to a product or service, such as a report, a training session, a piece of hardware, or a segment of software code, produced or provided as part of a project.
Answer:
Cowboy Law Firm
<u>Income Statement for the year ended 31 December</u>
Service revenue $7,700
Less Expenses :
Salaries expense $1,400
Utilities expense $1,200 ($2,600)
Net Income $5,100
Explanation:
It is important to remember that the income statement accounts for Income and expense items only.
Answer:A tax-deferred savings plan is an investment account that allows a taxpayer to postpone paying taxes on the money invested until it is withdrawn after retirement. The best-known such plans are Individual Retirement Accounts (IRAs) and 401(k) plans.
Explanation:
