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# 50. A company had inventory on November 1 of 5 units at a cost of \$19...

50. A company had inventory on November 1 of 5 units at a cost of \$19 each. On November 2, they purchased 10 units at \$21 each. On November 6 they purchased 6 units at \$24 each. On November 8, 10 units were sold for \$54 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale? \$230 \$291 \$240 \$220 \$221

54. Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of \$9,138. The FICA tax for social security is 6.2% and the FICA tax rate for Medicare is 1.45%. The FUTA tax rate of 0.6% and the SUTA tax rate of 5.4% are applied to the first \$7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was \$1,516.27. What is the total amount of taxes withheld from the Portia's earnings? (Round your intermediate calculations to two decimal places.) \$2,215.33   \$4,088.27  \$2,572.00   \$1,648.77  \$2,649.33

59. Grays Company has inventory of 25 units at a cost of \$6 each on August 1. On August 3, it purchased 35 units at \$11 each. 27 units are sold on August 6. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 27 units that were sold?? \$176 \$172 \$178 \$235 \$675

28. During the first week of January, an employee works 45 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is \$35 per hour, and her wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first \$118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first \$7,000 of an employee’s pay. The employee has \$97 in federal income taxes withheld. What is the amount of this employee’s net pay for the first week of January?  \$1,886.68  \$1,662.50  \$224.18 \$1,535.32  \$1,438.32

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