Inventory by Three Methods

The units of an item available for sale during the year were as follows:

There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Determine the inventory cost under each of the following methods.

a. Determine the inventory cost by the first-in, first-out method.
$

b. Determine the inventory cost by the last-in, first-out method.
$

c. Determine the inventory cost by the average cost method. When computing your answer, round the average cost per unit to the nearest whole dollar.
$

At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the following cost predictions: overhead costs, $1,200,000, and direct materials costs, $400,000. At year-end, the company’s records show that actual overhead costs for the year are $1,532,400. Actual direct materials cost had been assigned to jobs as follows.

1. Determine the predetermined overhead rate.
2&3. Enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied.
4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold.

Enter the overhead costs incurred and the amounts applied during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied.

The following information is for Crane Limited for 2020:

There were no changes during 2020 in the number of common shares, preferred shares, or convertible bonds outstanding. For simplicity, ignore the requirement to book the convertible bonds’ equity portion separately.Calculate the income effect of the dividends on preferred shares.

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Calculate basic earnings per share for 2020. (Round answer to 2 decimal places, e.g. 15.25.)

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Determine an incremental per share effect for 6% preferred shares. (Round earnings per share to 2 decimal places, e.g. 15.25.)

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Calculate the proceeds from assumed exercise of 65,000 options.

Calculate the incremental shares oustanding upon the exercise of options.

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Calculate the after-tax interest paid on the 8% bonds.

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Determine an incremental per share effect for 8% bonds. (Round earnings per share to 2 decimal places, e.g. 15.25.)

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Rank the potentially dilutive securities from most dilutive to least dilutive.

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Calculate diluted earnings per share for 2020. (Round earnings per share to 2 decimal places, e.g. 15.25.)

Derek will deposit $2,239.00 per year for 25.00 years into an account that earns 9.00%, The first deposit is made next year. How much will be in the account 36.00 years from today?

Answer format: Currency: Round to: 2 decimal places.

at the year end, Chief company has a balance of $16,000 in accounts receivable of which $1,600 is more than 30 days overdue. Chief has a credit balance of $160 in the allowance for doubtful accounts before any year-end adjustments. using the aging of accounts receivable method, Chief estimates that 1.5% of current accounts and 11% of accounts over 30 days are uncollectible. what is the amount of bad debt expense? a 232. b 392. c 552. d160.

Note: This problem is for the 2019 tax year.

Roberta Santos, age 41, is single and lives at 120 Sanborne Avenue, Springfield, IL 60781. Her Social Security number is 123-45-6780. Roberta has been divorced from her former husband, Wayne, for three years. She has a son, Jason, who is 17, and a daughter, June, who is 18. Jason's Social Security number is 111-11-1112, and June's is 123-45-6788. Roberta has never owned or used any virtual currency. She does not want to contribute $3 to the Presidential Election Campaign Fund.

Roberta, an advertising executive, earned a salary from ABC Advertising of $80,000 in 2019. Her employer withheld $9,000 in Federal income tax and $3,100 in state income tax.

Roberta has legal custody of Jason and June. The divorce decree provides that Roberta is to receive the dependency deductions for the children. Jason lives with his father during summer vacation. Wayne indicates that his expenses for Jason are $5,500. Roberta can document that she spent $6,500 for Jason's support during 2019. In prior years, Roberta gave a signed Form 8332 to Wayne regarding Jason. For 2019, she has decided not to do so. Roberta provides all of June's support.

Roberta's mother died on January 7, 2019. Roberta inherited assets worth $625,000 from her mother. As the sole beneficiary of her mother's life insurance policy, Roberta received insurance proceeds of $300,000. Her mother's cost basis for the life insurance policy was $120,000. Roberta's favorite aunt gave her $13,000 for her birthday in October.

On November 8, 2019, Roberta sells for $22,000 Amber stock that she had purchased for $24,000 from her first cousin, Walt, on December 5, 2013. Walt's cost basis for the stock was $26,000, and the stock was worth $23,000 on December 5, 2015. On December 1, 2019, Roberta sold Falcon stock for $13,500. She had acquired the stock on July 2, 2015, for $8,000.

An examination of Roberta's records reveals that she received the following:

Interest income of $2,500 from First Savings Bank.

Groceries valued at $750 from Kroger Groceries for being the 100,000th customer.

Qualified dividend income of $1,800 from Amber.

Interest income of $3,750 on City of Springfield school bonds.

Alimony of $16,000 from Wayne; divorce finalized in May 2015.

Distribution of $4,800 from ST Partnership. Her distributive share of the partnership passive taxable income was $5,300. She had no prior passive activity losses. Assume that the qualified business income deduction applies and the W–2 wage limitation does not.

From her checkbook records, she determines that she made the following payments during 2019:

Charitable contributions of $4,500 to First Presbyterian Church and $1,500 to the American Red Cross (proper receipts obtained).

Paid $5,000 to ECM Hospital for the medical expenses of a friend from work.

Mortgage interest on her residence of $7,800 to Peoples Bank.

Property taxes of $3,200 on her residence and $1,100 (ad valorem) on her car. $800 for landscaping expenses for residence.

Estimated Federal income taxes of $2,800 and estimated state income taxes of $1,000.

Medical expenses of $5,000 for her and $800 for Jason. In December, her medical insurance policy reimbursed $1,500 of her medical expenses. She had full-year health care coverage.

A $1,000 ticket for parking in a handicapped space.

Attorney's fees of $500 associated with unsuccessfully contesting the parking ticket.

Contribution of $250 to the campaign of a candidate for governor.

Because she did not maintain records of the sales tax she paid, she calculates the amount from the sales tax table to be $994.

Required:

Calculate Roberta's net tax payable or refund due for 2019.

Enter all amounts as positive numbers. However, use the minus sign to indicate a loss.

If an amount box does not require an entry or the answer is zero, enter "0".

Make realistic assumptions about any missing data. I

t may be necessary to complete the tax schedules before completing Form 1040.

When computing the tax liability, do not round your immediate calculations. If required round your final answers to the nearest dollar.

Use the Tax Rate Schedule provided. Do not use the Tax Tables.

The following information was taken from the records of Vega Inc. for the year 2015: income tax applicable to income from continuing operations R$119,000, income tax applicable to loss on discontinued operations R$25,500, and unrealized holding gain on non-trading equity securities R$15,000.

Ordinary shares outstanding during 2015 were 100,000.

Requirement:

1. Prepare a comprehensive income statement for 2015 using the one statement approach

2. Prepare a retained earnings statement for 2015.

Margaret has a project with a £ 26,000 first cost that returns £ 4,800 per year over its 10-year life. It has salvage value of £ 3,400 at the end of 10 years. If the MARR is 14 %, (Use 5 significant figures for your calculations, and round your answers to the nearest dollar. Indicate losses as a negative value.)

(a) What is the present worth of this project?

(b) What is the annual worth of this project?

(c) What is the future worth of this project after 10 years?

Minden Company introduced a new product last year for which it is trying to find an optimal selling price. Marketing studies suggest that the company can increase sales by 5,000 units for each $2 reduction in the selling price. The company’s present selling price is $98 per unit, and variable expenses are $68 per unit. Fixed expenses are $832,800 per year. The present annual sales volume (at the $98 selling price) is 25,200 units.

Required:

1. What is the present yearly net operating income or loss?

2. What is the present break-even point in unit sales and in dollar sales?

3. Assuming that the marketing studies are correct, what is the maximum annual profit that the company can earn? At how many units and at what selling price per unit would the company generate this profit?

4. What would be the break-even point in unit sales and in dollar sales using the selling price you determined in (3) above (e.g., the selling price at the level of maximum profits)?