Joyce, age 40, and sam, age 42, who have been married for seven years, are both active participants in qualified retirement plans. their total agi for 2018 is $130,000. each is employed and earns a salary of $65,000. what are their combined deductible contributions to traditional iras?

a. $0b. $3,000c. $4,000d. $8,000

Frost corporation incurred the following transactions during its first year of operations. (assume all transactions involve cash.) 1) acquired $1,900 of capital from the owners. 2) purchased $435 of direct raw materials. 3) used $290 of these direct raw materials in the production process. 4) paid production workers $490 cash. 5) paid $290 for manufacturing overhead (applied and actual overhead are the same). 6) started and completed 250 units of inventory. 7) sold 140 units at a price of $6 each. 8) paid $130 for selling and administrative expenses. the amount of raw material inventory on the balance sheet at the end of the accounting period would be: