Answer:
Item Inventory at the lower-of-cost-or-market
#1 $214.50
#2 $240.00
#3 $266.50
#4 $315.00
#5 $422.50
Explanation:
Note: This question is not complete. The complete question is therefore provided before answering the question. See attached pdf file for the complete question.
Also note: See the attached excel file for the determination of the value of inventory by applying the lower-of-cost-or-market rule.
From the attached excel file, we have:
Item Inventory at the lower-of-cost-or-market
#1 $214.50
#2 $240.00
#3 $266.50
#4 $315.00
#5 $422.50
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Answer:
accrued basis income: 14,300
cash basis income: 9,500
Explanation:
accrued: we reocgnize base on the time of transfer of goods and the expense are mathced when the period they occur.
revenues 33,700
operating expense <u> (19,400) </u>
net income 14,300
cash basis: we recognize based on the cash collection or disbursement:
collected from customer 25,900
paid expenses (13,600)
insurance paid <u> (2,800) </u>
net income 9,500
Answer:
The correct answer is letter "D": All of the above.
Explanation:
Alternative Minimum Tax (AMT) is an action taken by the Internal Revenue Service (IRS) to encourage every taxpayer to pay at least the minimum amount possible out of the income received. This includes a series of deductions that are not limited to <em>standard deductions</em>, <em>personal exemptions, medical and dental expenses, charitable donations, qualified taxing interest, </em>and <em>casualty losses</em>.
Answer:
Explanation:
1.
Direct labour hours work during the period:
Product S=72,400 units×1 hour=72,400 hours
Product W=18,100 units × 3 hours=54,300 hours
Total labour hours=126,700 hour
Predetermined overhead rate=$958,396/126,700 =7.56 per hour
2.
Unit product cost of S = Direct Material cost + Direct labour cost + Overhead = 12+16+7.56*1 = $35.56
Unit product cost of W = Direct Material cost + Direct labour cost + Overhead = 34+13+7.56*3 = $69.68
