Reference no: EM131287749
Joe's Garage, Inc., purchased a used vehicle lift, brake tester, and wheel aligning equipment for a lump-sum price of $16,000 from a bankrupt competitor. Appraised values were as follows: vehicle lift, $20,000; brake tester, $4,000; and wheel aligner, $6,000.
What cost should be recorded for the wheel aligner?
What are the total shortage costs
: ABC Company sells 3,961 chairs a year at an average price per chair of $152. The carrying cost per unit is $22.72. The company orders 268 chairs at a time and has a fixed order cost of $123.5 per order. The chairs are sold out before they are restock..
|
Cost of goods sold under fifo-lifo and average-cost
: Larkspur, Inc. reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 117 $5 $ 585 12 Purchases 378 6 2,268 23 Purchases 217 7 1,519 30 Inventory 236 Calculate weighted-average unit cost. (Round answ..
|
Using the fifo-lifo and average-cost methods
: Buffalo Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Buffalo Corp.’s purchases of EZslide snowboards during September. During the same month, 94 EZslide snowboards were sold. Compute t..
|
What is his marginal tax rate on this income
: Chuck, a single taxpayer, earns $77,750 in taxable income and $29,250 in interest from an investment in City of Heflin bonds. If Chuck earns an additional $57,250 of taxable income, what is his marginal tax rate on this income?
|
What cost should be recorded for the wheel aligner
: Joe's Garage, Inc., purchased a used vehicle lift, brake tester, and wheel aligning equipment for a lump-sum price of $16,000 from a bankrupt competitor. Appraised values were as follows: vehicle lift, $20,000; brake tester, $4,000; and wheel aligner..
|
The balance sheets and income statement
: The balance sheets and income statement for Goblin House Inc. are presented below. During 2015, Goblin purchased $19,000 of property, paid $6,000 on its long-term notes, and declared and paid $5,000 of dividends. a) [18 points] In the space provided,..
|
What immediate tax consequences will result from lifo
: In 2016, Gail changed from the lower of cost or market FIFO method to the LIFO inventory method The ending inventory for 2015 was computed as follows: What is the correct beginning inventory for 2016 under the LIFO method? What immediate tax conseque..
|
The goodness of fit test null hypothesis states
: For a one sample confidence interval, the interval is calculated around the estimated population mean or standard (μm ). For a one sample confidence interval, the interval is calculated around the calculated sample mean (m). Confidence intervals prov..
|
Prepare the entry to record bad debt expense
: Concord, Inc. had net sales in 2017 of $1,430,300. At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $239,200 debit, and Allowance for Doubtful Accounts $1,903 debit. Assume that 11% of account..
|