Answer:
Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO.
- If the company used FIFO instead of LIFO, their profits would increase by $1,960 - $1,720 = $240 because their COGS would be lower.
Explain why this amount is referred to as phantom profit.
- Phantom profit basically refers to the profit that the company could have made using a different accounting method.
Identify the impact of LIFO versus FIFO.
- LIFO increases COGS by $240, reducing gross profits by the same amount.
Explanation:
units price total
purchase 100 $6 $600
purchase 200 $7 $1,400
purchase 140 $8 $1,120
total 440 $3,120
ending inventory 180
using LIFO $1,160
using FIFO $1,400
COGS using LIFO = $3,120 - $1,160 = $1,960
COGS using FIFO = $3,120 - $1,400 = $1,720
If the company used FIFO instead of LIFO, their profits would increase by $1,960 - $1,720 = $240 because their COGS would be lower.
An allergist cannot be a primary care provider.
Answer: $6,040
Explanation:
To find out Robin’s allowable itemized deduction for interest paid we ADD the interest paid on the acquisition debt which is her Allowed Deductible Interest to the points that she obtained in the Initial Mortgage.
This figure is what she is allowed to deduct.
Calculating that would be,
= 4,440 + 1,600
= $6,040
Robin’s allowable itemized deduction for interest paid is $6,040.
Note that Closing costs are not Deductible but are instead added to the basis of the house.
Answer:
A. the federal government spending more money to build more infrastructure and D. the federal government providing tax refunds to many taxpayers
Explanation:
Please see attachment.
Answer:
Direct
Explanation:
There are different types of conversion systems. Example includes the direct conversion and parallel conversion.
In this conversion system, users stops using the old system one day and starts using the next system the next.
Its requires fewer resources and is simple if nothing goes wrong. Risk involved mostly if the hardware and software are old or at a cutting edge.
Direct conversion is said to be an abrupt change where the the old system is simply unplugged and the new system is turned on. It does not allow users with any choice but to work with the new system. It is said to be risky and least cost.
