Answer:
They will pay more taxes if they value inventory using LIFO.
The difference in taxes between the two methods is $8400($ 32,550.00 minus $ 24,150.00)
Explanation:
The oil distributor will pay more taxes using LIFO method in valuing the cost of goods sold because LIFO would pick the prices of goods recently purchased which were lower overall compared to prices of goods earlier purchased.
Hence,inventory sold is charged with lower prices and eventually lower costs of good sold s well higher gross profit which translates into higher taxes.
It would be preferable to value inventory sold using FIFO so as to reduce taxes payable by $8400.
Find attached detailed computation.
Answer:
A. -0.003
B. 0.02
Explanation:
<u>Step 1:</u> identify the given parameters
Giving the following parameters
Wing area (S)= 1.5 m²
Wing chord (C) = 0.45 m
Velocity (V) = 100 m/s
moment about center of gravity(Mcg) = -12.4 N-m
at another angle of attack, L = 3675 N and Mcg = 20.67 N-m
<u>Step 2:</u> calculate the value of the moment coefficient about the aerodynamic center (Cmcg)
= 6125 N/m²
= -0.003
at zero lift
<u>Step 3</u>: calculate coefficient of lift
Cl = L/q*s
Cl = 3675/6125*1.5 = 0.4
<u>Step 4:</u> calculate the location of the aerodynamic center
New moment coefficient about the aerodynamic center (Cmcg):
= 0.005
=0.02
the location of the aerodynamic center = 0.02
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