Answer:
According to a physical count, 600 units were on hand at the end of March. The cost of goods sold for March applying the FIFO method is:
$1081600
Explanation:
MARCH 1 800 20
MARCH 8 8600 22
MARCH 8 15400 22
MARCH 8 22400 24
MARCH 8 27400 24
Final Inv. 600
Sell units 74000
FIFO Purch. Unit cost Sell Un. Cost
MARCH 1 800 20 800 16000
MARCH 8 8600 22 8600 189200
MARCH 8 15400 22 15400 338800
MARCH 8 22400 24 22400 537600
MARCH 8 27400 24 26800 643200
74000 1081600
Answer:
d. Federal income taxes paid or accrued
Explanation:
There are different items considered as a taxable income adjustment. The taxable income adjustment is usually computed by subtracting exemptions such as itemized or personal deductions from the adjusted gross income. However, a refund due to taxes conducted in the previous year is not one of the taxable income adjustment.
Answer:
Lake's operating income is $120000
Explanation:
Operating income is the income generated by the operations of company less its operating cost. Another name that is used for operating income is Earnings before interest and tax (EBIT). The charges or income relating to non operating or financing activities is not included in the operating income and nor is the tax deduction included.
The formula for operating income = Sales - Cost of Sales - operating expenses.
The operating expenses here, are = Advertising + Salaries + Utilities
Thus, operating expenses = 60000 + 55000 + 25000 = $140000
The Operating Income = 440000 - 180000 - 140000 = $120000
Answer:
The basic rule of 72 says the initial investment will double in 3.27 years.
