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Airida [17]
2 years ago
9

Following is partial information for the income statement of Audio Solutions Company under three different inventory costing met

hods, assuming the use of a periodic inventory system: Required: 1. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 2. Prepare an income statement through pretax income for each method. Sales, 327 units; unit sales price, $51; Expenses, $1,540 3. Rank the three methods in order of income taxes paid (favorable cash flow

Business
1 answer:
ioda2 years ago
7 0

Answer:

1,2- See attached pictures.

3-

1. LIFO

2. Average

3. FIFO

Explanation:

See attached pictures.

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Bonita Industries began the year by issuing $75500 of common stock for cash. The company recorded revenues of $772000, expenses
Alex

Answer:

net income = $106,000

Explanation:

net income = total revenues - total expenses = $772,000 - $666,000 = $106,000

Any additional capital raised will increase the company's cash flows (financing activity) and any dividends distributed will decrease them (another financing activity), but they do not affect the company's net income.

3 0
3 years ago
A consumer downloads 4 movies and 3 apps per week. Suppose the price is $4 per movie and $4 per app, and the marginal utility th
77julia77 [94]

Marginal utility will be calculated for movies by: 14/(4*4) which would mean 0.875 utils per dollar per movie. Whereas, for apps, it would be: 8/(3*4) which would mean utils per dollar per app to be 0.667. Hence, movies tend to carry higher utility.

3 0
3 years ago
Taxes on the property buyer Tamara is purchasing are $8,200, due on December 31. If the closing is set for June 29th, using the
Ilia_Sergeevich [38]

Answer:

$4,044

Explanation:

Calculation for how much of the taxes will be credited to the buyer

First step is to divide the annual taxes by the numbers of days in a year

$8,200 / 365 days

= $22.466 per day

Second step

Based on the information given we were told that the Seller's ownership started from January 1- June 29 which gave us 180 days, this means that we would multiply $22.466 per day by 180 days in order to know how much of the taxes will be credited to the buyer

Hence,

Amount credit to the buyer=180 days

x 22.466

Amount credited to buyer= $4,044

Therefore the amount of the taxes that will be credited to the buyer will be $4,044

3 0
3 years ago
A chart that shows the connection between consumer demand and price is a:
Tomtit [17]

The answer is D. Demand Schedule

6 0
3 years ago
According to libertarians, the government should redistribute income from rich individuals to poor individuals to achieve a more
devlian [24]

Answer:

b. False

Explanation:

In the United States of America, the libertarians refers to a group of people or individuals who have the philosophical views of promoting individual freedom and liberty among the people. Thus, the primary political strength, values and ideas of a libertarian is individual freedom and liberty.

Saying libertarians wants the government to redistribute income from rich individuals to poor individuals to achieve a more equal distribution of income is a false statement because the libertarians simply cares about the means being just but not concerned about the outcome of a process or event.

3 0
2 years ago
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