Futuristic Electronic Center began July with 100 units of merchandise inventory that cost $ 78 each. During July, the store made the following purchasesJul 3 40 [email protected] $ 80 each 12 60 units S 82 each 18 40 units S 94 eaclhFuturistic uses the periodic inventory system, and the physical count at July 31 indicates that 130 units of merchandise inventory are on hand.
1. Determine the ending merchandise inventory and cost of goods sold amounts for the July financial statements using the FIFO, LIFO, and weighted-average inventory costing methods.
2. Sales revenue for July totaled $28,000. Compute Futuristic's gross profit for July using each method.
3. Which method will result in the lowest income taxes for Futuristic? Why? Which method will result in the highest net income for Futuristic? Why?

Select the correct answer the smith family adopted a child. the adoption procedure took about three months, and the family incurred various expenses. will the smiths receive and financial benefit for the taxable year? a) they will not receive any financial benefit for adopting the child b) their income tax component will decrease c) they will receive childcare grants d) they will receive a tax credit for the cost borne for adopting the child e) they will receive several tax deductions

Match the terms with their correct definition. terms: 1. accounts receivable 2. other receivables 3 debtor 4. notes receivable 5. maturity date 6. creditor definitions: a. the party to a credit transaction who takes on an obligation/payable. b. the party who receives a receivable and will collect cash in the future. c. a written promise to pay a specified amount of money at a particular future date. d. the date when the note receivable is due. e. a miscellaneous category that includes any other type of receivable where there is a right to receive cash in the future. f. the right to receive cash in the future from customers for goods sold or for services performed.

Amanufacturing firm is considering overhauling the existing compensation strategy. currently every front line employee who works on the assembly line earns the same hourly wage. ideally, management would like to institute a new pay system that involves pay-for-performance. which of the following recommendations is both consistent with scientific management's general emphases and generally good advice for management of this firma. the firm should adopt a differential pay system with one pay level for average performance, and a higher level for good performance. b. the firm should adopt a differential pay system, but the firm should modify it from its original design and provide many different levels of pay associated with different performance levels. c. the firm should understand worker psychology and to focus on pay as the key motivator. d. all of the abovee. none of the above