The following data are available for Sellco for the fiscal year ended on January 31, 2020:

Required:
a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.)
   Cost of goods sold    Ending enventory

FIFO

LIFO

Weighted Average

b. Assume that net income using the weighted-average cost flow assumption is $13,300. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)

   NET INCOME

FIFO

LIFO

Peroni Company paid wages of $162,300 this year. Of this amount, $108,400 was taxable for net FUTA and SUTA purposes. The state's contribution tax rate is 3.1% for Peroni Company. Due to cash flow problems, the company did not make any SUTA payments until after the Form 940 filing date. Compute the following; round your answers to the nearest cent.

the rate 0.6% was used for the FUTA tax rate for employers.

a. Amount of credit the company would receive against the FUTA tax for its SUTA contributions
b. Amount that Peroni Company would pay to the federal government for its FUTA tax

c. Amount that the company lost because of its late payments

In year 1, Peter and Shaline Johnsen moved into a home in a new sub division. Theirs was one of the first homes in the subdivision. In year 1, they paid $3,600 in real property taxes to the local government, $1,240 to the developer of the subdivision for an assessment to pay for the sidewalks, and $1,400 for real property taxes on land they hold as an investment. What amount of property taxes are the Johnsens allowed to deduct assuming their itemized deductions exceed the standard deduction amount before considering any property tax deductions?

From reading a company budgeted income statement for year 2019, it was found that
their net sales was $120,000. It costed $23,490 to make the goods. They have to spend
$12,000 and $18,000 on selling and administrative expenses respectively. They also paid
an interest on their debt in the amount of $6,510. The marginal tax rate was 35%. Find
the Operating income, net income after taxes and net profit margin ?

whaich accurately describes amortization? A Method under macrs to determine the portion of the year to depreciate property both in year placed in service and when disposed B. a method in macrs to expense cost usually paid by buye to research title of real propety C. method in macrs to expense the original cost of property plus certain additions and improvements minus certain deductions as depreciation and casuaty losses D a ratable deduction for the cost of intangible property over its useful life

If real property is sold during the year the property taxes must be allocated between the buyer and seller based on the numbr of days the property was held by each party? true or false ?

Accounting subject

On July 1 of year 1, Elaine purchased a new home for $795,000. At the time of the purchase, it was estimated that the property tax bill on the home for the year would be $15,900 ($795,000 × 2%). On the settlement statement, Elaine was charged $7,950 for the year in property taxes and the seller was charged $7,950. On December 31, year 1, Elaine discovered that the real property taxes on the home for the year were actually $16,900. Elaine wrote a $16,900 check to the local government to pay the taxes for that calendar year. (Elaine was liable for the taxes because she owned the property when they became due.) What amount of real property taxes is Elaine allowed to deduct for year 1? (Assume not married filing separately.)

Multiple Choice $0.

$7,950.

$8,450.

$8,950.

$16,900.

An arborist would like to know if the mean growth (in inches) per year of flowering pear trees is different than white fir trees. A random sample of 37 flowering pear trees is taken, where the age of each tree is recorded. A white fir tree of the same age is located for a total of 37 white fir trees. The growth in height over a 1-year period for each tree in the study is carefully recorded. Summary statistics are given below.

Can you conclude the mean yearly growth is different between flowering pear and white fir trees? Use a significance level of 0.01.

• Select the appropriate hypotheses to test the claim made.

  Ho:μd=0Ho:μd=0
  Ha:μd<0Ha:μd<0

  Ho:μd=0Ho:μd=0
  Ha:μd≠0Ha:μd≠0

  Ho:μd=0Ho:μd=0
  Ha:μd>0Ha:μd>0

• αα =    reject HoHo if probability ? < ≠ >   αα
• TS: t =    (Give answer to 3 digits after the decimal point.)
• probability = Select an answer 0.0098 0.9951 0.0049
• decision: Select an answer Reject H₀ fail to reject H₀
• At the 0.01 level, there Select an answer is not is  significant evidence to conclude the mean growth among flowering pear trees annually is different than the meam growth among white fir trees.