Tax Return

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Please see the Inventory Valuation tab in your workbook, to review application of costs using the FIFO, LIFO, and average methods based on purchase and sales information. You will choose the method

Second, the manufacturing order costs for non-stocked items was calculated by dividing total manufacturing order costs for non-stocked items by the number of orders for non-stocked products. Non-stocked products have additional costs associated with processing orders that went above and beyond the costs associated with a stocked product. The third step involved determining what the S"A allocation factor would be for calculating the S"A volume related costs. This allocation factor would then be applied to manufacturing COGS. The fourth and final step involved the calculation of the operating profit based on backing out volume related costs from sales revenues followed by deducting S"A and manufacturing order costs from the resulting gross margin to arrive at a operating profit.

You use a perpetual inventory system and value the inventory using FIFO. Prior to making adjusting year-end entries you valued the inventory at the lower-of-cost or-market. Justify why you valued the inventory at lower-of-cost or-market.

Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost

Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold.

The effect of this transaction and next year’s income statement would be the ending inventory balance will increase and added in the cost of goods sold. The current period, the high value of the inventory balance will imply lower gross margins. The income tax expenses will decrease as the income tax expenses are usually proportionately depending on the company’s net earnings. In the next year, the transaction will increase in income and tax expense. Because a lot of inventories will be processed into finished goods which increase the gross sales, increasing the level of gross profit and earnings in the company. The income tax expenses and net earnings will increase.

A Health Savings Account (HSA) plan requires a high-deductible medical insurance policy, which means that the premiums on the policy will be less than for a low-deductible policy. The contributions to the HSA are deductible for AGI, which reduces the nondeductible amount of itemized deductions subject to certain limitations, and the taxpayer does not have to itemize to obtain the deduction. The HSA distributions pay for the deductible medical expenses and they are not included in gross income. Also, the income earned on the HSA is not included in gross income if it is used to pay medical expenses not covered by the high-deductible plan.

When doing Harold and Sarah Peterson tax return, I choose to use 1040 because they had a home sale so I could not use any other 1040 form. Schedule A was also selected because it gave the Peterson’s the highest deduction. The sale of their home was inputted on Sale of Home Gain or loss, exclusion, and taxable gain worksheet.

To obtain only this year’s production of inventories, we need to subtract the total amount of inventories this year from that of the previous year. Second, inventories should be considered a type of investment good, since they are produced with the understanding that they will yield a revenue over time, just as plants and equipment do. The time frame over which they do this is usually very short. Finally, inventory changes should be considered part of national income because they are current production and are not sold to other firms. The final sale in this case is to the firm itself.

b. The inventory write down recorded, as an expense by the company is $4.4 million. It is measured at lower of cost and net realizable value. Cost is measured by weighted average using standard cost method or

Many people in the city did not receive their income tax refund amount, and they are unable to find the reason.

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explain changes in tax struc-ure of an economy over time under t the impact of economic development and of political and social factors. Tax structure is affected by economic development in three ways: (a) tax base undergoes a change as the develop- ental process m proceeds; (b) change in the tax base brings about changes in the revenue system: and (c) economic development leads to changes in the objectives of tax policy. Bangladesh Government collects taxes on account of custom duty, sales tax, value added taxes, excise duty, cess, fees, fines, penalties, income tax, advalorem duty, etc. It