Answer: $1644
Explanation:
The corporation's tax basis will be the addition of the tax basis of Tristan and the gain that is recognized on the exchange by Tristan.
Gain realized = 1750 - 1245 = 505
Boot received = 399
The gain recognized on the exchange will the value that's lower between the gain realized which is $505 and the boot received which is $399. Therefore, gain recognized = $399.
The corporation's tax basis will then be:
= Tristan Tax basis + Gain recognized
= 1245 + 399
= 1644
I think the answer is C !!!!! I’m not 100% sure though
Answer: $8600
Explanation:
Joint cost allocation:
Product :
Loin chops
Pounds - 3000
Price per pound - $5
ground
Pounds - 10,000
Price per pound - 2.00
ribs
Pounds - 4,000
Price per pound - 4.75
bacon
Pounds - 6,000
Price per pound - 3.50
total joint cost - $43000
Sales cost per product :
Loin chops - 3000 × 5 = $15,000
Ground = 10000 × $2 = $20,000
Ribs - 4000 × $4.75 = $19,000
Bacon - 6000 × $3.50 = $21,000
Loin cost allocation is given by :
Total joint cost × (sales value of Loin chops ÷ Total sales value of all products)
$43,000 × ($15,000 ÷ $(15,000 + 20,000 + 19,000 + 21,000))
$43,000 × ( $15000 ÷ $75000)
$43,000 × 0.2 = $8600
Answer:
The correct answer is D.
Explanation:
Giving the following information:
<u>The LIFO (last-in, first-out) reserve is an account used to bridge the gap between FIFO (first-in, first-out) and LIFO costs.</u>
To calculate the cost of goods sold (COGS) under FIFO, we need to use the following formula:
FIFO COGS= LIFO COGS - (ending LIFO reserve - beginning LIFO reserve)
FIFO COGS= 100,000 - (-30,000)
FIFO COGS= 100,000 + 30,000= $130,000
The question is incomplete:
If Farmer Brown plants no seeds on his farm, he gets no harvest. If he plants 1 bag of seeds, he gets 5 bushels of wheat. If he plants 2 bags, he gets 9 bushels. If he plants 3 bags, he gets 12 bushels. A bag of seeds costs $120, and seeds are his only cost.
Farmer Brown's total-cost curve is
a. increasing at an increasing rate.
b. increasing at a decreasing rate.
c. increasing at a constant rate.
d. decreasing.
Answer:
a. increasing at an increasing rate.
Explanation:
To determine the answer, you can create a graph with the information given hich is attached.
You can see that the curve is increasing and because of that you can eliminate option d that is decreasing. Then, you have to consider that increasing at a constant rate would show an straight line which is not the case. Also, increasing at a decreasing rate would show a decreasing slope which is not what you see in the graph. Because of that, the answer is that Farmer Brown’s total cost curve is increasing at an increasing rate because the graphs shows an increasing slope.