Question

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

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

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.

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