Answer:
$7,604,500
Explanation:
Total cost of goods sold:
= Cost of goods sold of Patti Company + Cost of goods sold of Shannon Inc.
= $7,500,000 + $160,000
= $7,660,000
Consolidated cost of goods sold:
= Total cost of goods sold - Intra-Entity sales added in cost of goods sold of Shannon Inc. + Unrealized profit on ending inventory eliminated by adjusting cost of goods sold
= $7,660,000 - $60,000 + ($60,000 × 0.25) × 30%
= $7,660,000 - $60,000 + $4,500
= $7,604,500
Answer:
a. Gross pay = $1,320
b. Net pay = $917
Explanation:
a. Determine the gross pay for the week. $ If applicable, round your final answer to two decimal places.
Pay for 40 hours = 40 * $24 = $960
Pay for excess of 50 hours = (50 - 40) * $24 * 1.5 = $360
Gross pay = $960 + $360 = $1,320
b. Determine the net pay for the week.
Net pay = $1,320 - ($1,320 * 6.0%) - ($1,320 * 1.5%) - $304 = $917.
Answer:
Product cost= $75
Explanation:
Giving the following information:
Variable costs per unit:
Direct materials $17
Direct labor $47
Variable manufacturing overhead $11
Under the variable costing method, the unitary product cost is calculated using the direct material, direct labor, and unitary variable overhead:
Product cost= 17 + 47 + 11= $75
Answer:
Owing cash on credit accounts doesn't really mean you're a high-hazard borrower with a low credit Score. Notwithstanding, when a high level of an individual's accessible credit is been utilized, this can show that an individual is overextended, and is bound to make late or missed installments.
The amount owed on different accounts decides 30% of the FICO score. Aside from the general amount owed, the FICO scores think about the amount claimed freely on explicit accounts. On the off chance that you utilize a noteworthy part of the credit you are qualified for, it can negatively affect the FICO scores. Be that as it may, utilizing a less amount from as far as possible allowed can give you a superior score than not utilizing the credit by any stretch of the imagination.
Answer:
FALSE
Explanation:
The LIFO conformity rule requires taxpayers that elect to use LIFO for tax purposes to use <u>no method other than LIFO to ascertain the income, profit, or loss for the purpose of a report or statement to shareholders, partners, or other proprietors, or to beneficiaries, or for credit purposes</u>.
Hence the IRS requires that the same method for income tax purpose be used for financial statement purpose
