Question

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

41. An employee earns
$5,550 per month working for an employer. The FICA 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 $184 in federal income taxes
withheld. The employee has voluntary deductions for health
insurance of $152 and contributes $76 to a retirement plan each
month. What is the amount of net pay for the employee for the month
of January? **(Round your intermediate calculations to two
decimal places.)** $4,793.90 ? $4,669.02 $4,369.32 $4,413.7
$4,713.42

42. A company has beginning inventory of 24 units at a cost of $13.00 each on October 1. On October 5, it purchases 18 units at $14.00 per unit. On October 12 it purchases 28 units at $15.00 per unit. On October 15, it sells 54 units. Using the FIFO periodic inventory method, what is the value of the inventory at October 15 after the sale?? $270.00 $208.00 $448.00 $510.00 $240.00

61. Gary Marks is paid
on a monthly basis. For the month of January of the current year,
he earned a total of $9,288. FICA tax for Social Security is 6.2%
on the first $118,500 of earnings each calendar year and the FICA
tax for Medicare is 1.45% of all earnings. The 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 amount of
Federal Income Tax withheld from his earnings was $1,541.17. What
is the amount of the employer's payroll taxes expenses for this
employee? ** (Round your intermediate calculations to
two decimal places.)** $134.68 $1,130.54
$378.00 $42.00 $575.86

Answer #1

50.

Under LIFO method of inventory management the last purchased unit sold first and first purchased unit will be sold in last.

On November 8, 10 units were sold for $54 each, So this 10 unit, consists, 6 Unit Purchased on November 6 at $24 and 4 unit they purchase at November 2 at $21.

So remaining inventory consist 6 unit purchase on November at $21 and 5 unit purchase on Novenmber 1 at $19 pr unit.

Ending inventory = (6 × $21) + (5 × $19)

= $126 + $95

= $221

Ending Inventory is $221.

Option (E) is correct answer.

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
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