Answer:
The cost that should be assigned to the inventory is $83,500
Explanation:
Inventory cost includes all those costs which is related to the inventory.
The computation of cost is shown below:
= Merchandised cost - discount + freight charges + insurance charges + import duties
where,
discount is given at 1 % of merchandise cost since hasham has paid within the discount period. So, discount will be $80,000 × 1% = $800
Now apply the above formula for computation:
= $80,000 - $800 +$2,500 + $300+ $1,500
= $83,500
Thus, we add all the inventory expenses and deduct discount expense because he had paid the amount within discount period.
Hence, the cost that should be assigned to the inventory is $83,500
Option B
A 100 percent service satisfaction guarantee NOT be classified as a service
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Explanation:</u></h3>
Service product is when a business extends to service and a product or a good collectively as its usage. This is also termed a service-good mix, and it can transfer to several various kinds of businesses in all distinct industries. A service is an uncertain process.
This implies it doesn't have substantial dimensions to it; it can't be scaled or measured. Services customarily produce some kind of actual product in the end, but not regularly. Service is not something that one can handle or attempt out ere paying for it.
They didn't claim dependents and they have two sons, so it's wrong and illegal.
Answer: <em>Amount of budgeted income tax expense = $10,668</em>
Explanation:
Given:
Sales = $118,800
COGS = $48,500
Depreciation expense = $1,500
Interest expense = $250
Other expenses = $41,880
We'll compute the amount of budgeted income tax expense using the following formula:
Amount of budgeted income tax expense = 40% of (Sales - COGS - Depreciation expense - Interest expense - Other expenses)
= $118,800 - $48,500 - $1,500 - $250 - $41,880
= 40% x $26,670
= $10,668