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IRINA_888 [86]
3 years ago
9

Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date w

as $1,100,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Inventory at Current Date Current Prices Price Index December 31, 2020 $1,284,000 107 December 31, 2021 1,450,000 125 December 31, 2022 1,625,000 130 What is the cost of the ending inventory at December 31, 2021 under dollar-value LIFO
Business
1 answer:
Brrunno [24]3 years ago
3 0

Answer: $1,175,000

Explanation:

Cost of ending inventory December 31, 2021;

= December 2019 ending inventory + {(Inventory at 2021 price/2021 index * 2019 index) - December 2019 ending inventory} * 2021 index / 2019 index

= 1,100,000 + {(1,450,000/125 * 100) - 1,100,000} * 125/100

= ‭1,100,000‬ + 75,000

= $1,175,000

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Carl purchased an apartment complex for $2.6 million on March 17 of year 1. of the purchase price, $1,050,000 was attributable t
Olin [163]

Answer:

total depreciation year 1 = $71,358

total depreciation year 2 = $80,358

Explanation:

Land cannot be depreciated, therefore Carl can only depreciate the building's cost = $2,600,000 - $1,050,000 = $1,550,000

Rental property can be depreciated at a fixed rate of 3.636% per year during 27.5 years. Depreciation per year for the building = $56,358

Furniture on rental property can be depreciated on a 5 year basis using a MACRS table and half year convention:

depreciation year 1 = 20% x $75,000 = $15,000

depreciation year 2 = 32% x $75,000 = $24,000

total depreciation year 1 = $56,358 + $15,000 = $71,358

total depreciation year 2 = $56,358 + $24,000 = $80,358

8 0
3 years ago
5 Senaraikan empat contoh aktiviti perniagaan yang boleh diceburi dengan modal yang kecil
Ira Lisetskai [31]

Answer:

not sure

Explanation:

7 0
3 years ago
Read 2 more answers
Shelley’s Salsa produces and sells organic salsa. Last year it sold 3 million tubs of salsa at a price of $3 per tub. For last y
Murrr4er [49]

Answer: Option B

Explanation:

A. Explicit cost are the cost paid to others in return of their service. Hence Option A is incorrect.

B. Revenue is the total amount of earnings a company have before deducting for expenses. Hence Option B is correct.

C. Accounting profit means (Revenue - explicit cost) . Hence Option C is incorrect.

D. Economic profit means (Revenue - explicit cost - implicit cost) . Hence Option  D is incorrect.

6 0
4 years ago
Consider an economy that produces only DVDs and DVD players. Last year, 10th DVDs were sold at $20 each and 5 DVD players were s
trapecia [35]

Real GDP this year using last year as the base year is

B) $700

Explanation:

  • Last year, 10th DVDs were sold at $20 each and 5 DVD players were sold at $100 each, while this year 15 DVDs were sold at $10 each and 10 DVD players were sold at $50 each. Real GDP this year using last year as the base year is  $700.
  • Gross Domestic Product (GDP) is the monetary value of all finished goods and services made in a country during a specific period of time.
  • The Gross Domestic Product calculates the real value of economic activity within a country.
  • GDP is a number that shows the net worth of the output of a country in local currency.
  • It represents the value of all goods and services produced in a specific time period within a country's borders.
  • Gross domestic product (GDP) is the total value of everything produced in a country.

8 0
4 years ago
If you and a friend order 2 veggiburgers, one salad, one fries and 2 coffees, what is the total bill with 4% tax and 15% tip?
ycow [4]

Answer:

$14.71

Explanation:

Each veggiburger costs $3.25, the salad costs $2.50, the fries cost $1.50 and each coffee costs $0.90.

Your total bill without taxes or tips = $6.50 + $2.50 + $1.50 + $1.80 = $12.30

If we add the 4% our total increases to = $12.30 x 1.04 = $12.79

Generally I tip on the taxes, so the total bill including taxes and tip = $12.79 x 1.15 = $14.71

6 0
3 years ago
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