In the current year Alice reports $ 150 comma 000 of salary income, $ 20 comma 000 of income from activity X, and $ 35 comma 000 and $ 15 comma 000 losses from activities Y and Z, respectively. All three activities are passive with respect to Alice and are purchased during the current year. Requirement What is the amount of loss that may be deducted with respect to each of these activities? Also compute the amount of loss that must be carried over for each activity.

Waterway company’s record of transactions for the month of april was as follows. purchases sales april 1 (balance on hand) 672 @ $6.00 april 3 560 @ $11.00 4 1,680 @ 6.08 9 1,568 @ 11.00 8 896 @ 6.41 11 672 @ 12.00 13 1,344 @ 6.51 23 1,344 @ 12.00 21 784 @ 6.61 27 1,008 @ 13.00 29 560 @ 6.79 5,152 5,936 (a) calculate average-cost per unit. (b) assuming that periodic inventory records are kept in units only, compute the inventory at april 30 using lifo and average-cost. (c) assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) fifo and (2) lifo. (d) compute cost of goods sold assuming periodic inventory procedures and inventory priced at fifo.