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Question
Kerry is a partner in the Kerry, Davis, Smith & Jones Partnership. Kerry owned 25% from January 1, 2018, to June 30, 2018, when he bought Jones's 25% interest. He owned 50% for the rest of the year.
The partnership had ordinary income of $146,000 and $18,000 in long-term capital gains. Barring any special allocations in a partnership agreement, what is Kerry's share of income?
(Do not round any division. Round other computations to the nearest whole dollar value.)
If cost of goods manufactured is $960,000, evaluate what is the cost of ending work in process inventory?
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