2 answers

1.Use the following information from Marvel Company for the month of July to answ...continues

Question:

1.Use the following information from Marvel Company for the month of July to answer questions 1 through 3
July 1 Beginning inventory 50 units @$15 each
July 3 Purchase 80 units @$20 each
July 8 Sale 70 units
July 15 Purchase 100 units @$30 each
July 23 Sale 50 units
(1). Assume that Marvel uses a perpetual FIFO inventory system. What is the dollar value of its ending inventory?
(2). Assume that Marvel uses a perpetual LIFO inventory system. What is the dollar value of its ending inventory?
(3). Assume that Marvel uses a perpetual specific identification inventory system. Its ending inventory consists of 20 units from beginning inventory, 40 units fromthe July 3 purchase, and 50 units from the July 15 purchase. What is the dollar value of its ending inventory?
Please explain.
2. Which statement is correct?
A) Tax credits reduce tax liability on a dollar-for-dollar basis.
B) Tax deductions reduce tax liability on a dollar-for-dollar basis.
C) The benefit of a tax credit depends on the taxpayer's marginal tax rate.
D) Tax deductions are more valuable for high-income taxpayers than for low-income taxpayers.
3.Max and Alexandra are married and incur $5,500 of qualifying expenses to care for their two
children, ages 2 and 5. Max's earned income is $35,000 and Alexandra's earnings from a part-time
job are $5,000. What is the amount of the qualifying expenses for purposes of computing the child
and dependent care credit? (show your work please)
4. A company has $100,000 of U.S. source taxable income and $300,000 of foreign source taxable
income from countries X and Y for a total worldwide taxable income of $400,000. Countries X and
Y levy a total of $60,000 in foreign taxes upon the foreign source taxable income. U.S. taxes before
credits are $140,000. The foreign tax credit limitation is ? explain please

Answers

(1). Assume that Marvel uses a perpetual FIFO inventory system. What is the dollar value of its ending inventory?

July 1 B.Inv. 50 units @$15 each$750
July 3 Purchase 80 units @$20 each $1,600
Total 130units$2,350
July 8 Sale 70 units($750+20x$20) $1,150
Ending Balance 60 units(60x$20)$1,200
July 15 Purch. 100 units @$30 each $3,000
Total 160 units$4,200
July 23 Sale 50units(50x$20) $1,000
Ending Balance110 units(10x$20+$3000)$3,200

(2). Assume that Marvel uses a perpetual LIFO inventory system.

What is the dollar value of its ending inventory?
110 units @ $30$3,300
10 units @$20 $200
Total$3,500

3). Assume that Marvel uses a perpetual specific identification inventory system. Its ending inventory consists of 20 units from beginning inventory,40 units from the July 3 purchase, and 50 units from the July 15 purchase.
20 [email protected]$15 $300
40 units @$20 $800
50 units @$30 $1,500
Total $2,600

2. Which statement is correct?
B) Tax deductions reduce tax liability on a dollar-for-dollar basis.

.

July 1 B.Inv. 50 units @$15 each $750
July 3 Purchase 80 units @$20 each $1,600
Total 130 units $2,350
July 8 Sale 70 units($750+20x$20) $1,150
Ending Balance 60 units(60x$20) $1,200
July 15 Purch. 100 units @$30 each $3,000
Total 160 units $4,200
July 23 Sale 50 units(50x$20) $1,000
Ending Balance 110 units(10x$20+$3000) $3,200

(2). Assume that Marvel uses a perpetual LIFO inventory system. What is the dollar value of its ending inventory?
110 units @ $30 $3,300
10 units @ $20 $200
Total $3,500

3).

Assume that Marvel uses a perpetual specific identification inventory system. Its ending inventory consists of 20 units from beginning inventory, 40units from the July 3 purchase, and 50 units from the July 15 purchase.
20 units @ $15 $300
40 units @ $20 $800
50 units @ $30 $1,500
Total $2,600
.

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