Answer:
Follows are the solution to this question:
Explanation:
Case 1
Production cost of goods
Work is under way, start 1510
Material direct 9780
Labor Direct 5950
Overhead production 8870
Total cost of production 24600
Total work costs under way 26110
Less: Finishing job in phase 8140
Generated cost of goods 17970
Answer:
The cost of ending inventory is $2340
Explanation:
Under the weighted average method of inventory valuation, we value the ending inventory based on the weighted average of all the available inventory for the period. The inventory available for the period includes the beginning inventory plus the purchases for the period.
The weighted average cost of inventory can be calculated by adding the total cost of available inventory and dividing it by total number of units of available inventory.
The weighed average cost of inventory per unit for Glasgow is,
Total cost = 80 * 7.5 + 200 * 9 + 150 * 9.3 + 50 * 10.5 = $4320
Total number of units = 80 + 200 + 150 + 50 = 480 units
Weighted average cost per unit = 4320 / 480 = $9 per unit
The units of ending inventory are = 480 - 220 = 260 units
The cost of ending inventory is = 260 * 9 = $2340
Answer:
$51,608.69
Explanation:
Given that
Interest rate = 5%
Future value = $85,000
Time period = 10 years
So by considering the above information, the Present value is
= Future value ÷ (1 + interest rate)^time period
where,
Future value = $85,000
Interest rate = 5% ÷ 12 months = 0.4166%
Time period = 10 years × 12 months = 120 months
Now the present value is
= $85,000 ÷ (1 + 0.4166%)^120
= $51,608.69
Answer:
Yes. Nicoula is required to pay tax including the tips
Explanation:
Since Nicoula received $1,200 in unreported tips during 2016 and owes Social Security and Medicare taxes on these tips. Her total income for the year, including the tips, is $4,300.
Nicoula is required to pay an income tax return for 2016 because Tips are considered to be part of employee wages and or salaries, hence employers are required by law to withhold and pay to the IRS payroll taxes on the tips employees report to them each month.
It is mandatory to report on the tax return, the amount of any Social Security and Medicare taxes Nicoula has failed to pay on her 'tip income'.
