In Feburary 2016 17,
Download the price and unit list of the products currently in the company’s inventory. The price list will include the number of units purchased and the prices at which the units were purchased. The information will be ranked according to date of purchase; the units purchased most recently will be at the top of the list.
Determine the number of units sold from inventory. Suppose the company sold 350 units of inventory on August 1.
Multiply the prices the company paid for the most recent units by the number of units sold to determine LIFO cost of goods sold. Suppose the company purchased 100 units of inventory for $5 on January 1, 200 units for $8 on March 1, and 100 units for $10 on June 1. The LIFO cost of goods sold for these units would equal (100 x $10) + (200 x $8) + (50 x $5) = $2,850. The value of units remaining in inventory according to LIFO equals (50 x $5), or $250.
Calculating FIFO
Download the same price and unit list of the products currently in the company’s inventory, and rank the information according to date so that the most recent inventory purchases are at the top of the list.
Determine the number of units sold from inventory. Using the same example, suppose the the company sold 350 units on August 1.
Multiply the prices the company paid for the oldest units by the number of units sold to determine the FIFO cost of goods sold. Again, suppose the company purchased 100 units of inventory for $5 on January 1, 200 units for $8 on March 1 and 100 units for $10 on June 1. The FIFO cost of goods sold for these units will equal (100 x $5) + (200 x $8) + (50 x $10) = $2,600. The value of units remaining in inventory according to FIFO equals (50 x $10), or $500.
In Feburary 2016 17,
Showing posts with label 1.. Show all posts
Showing posts with label 1.. Show all posts
Wednesday, 17 February 2016
Monday, 15 February 2016
What Is a 1099In Feburary 2016 15,
In Feburary 2016 15,
A 1099-INT form summarizes the interest income you've received during the year. Interest income is the amount of money you receive on earnings from savings accounts, bonds and certain treasury accounts. The interest you earn on certain types of savings accounts is taxable, just like earned income from a job. The banks where you hold your accounts send these forms at tax time, usually before February 1.
Sections
The 1099-INT form shows basic information about you as the account holder, including name, address, and account number. In addition to the interest income earned for the year, it also shows any early withdrawal penalty and federal income tax paid on the earnings. If any of the interest earnings were tax-exempt, meaning that you weren't required to pay tax on the amount, that figure is also printed on the 1099-INT form.
1099-INT from the State
In some cases, the state may send a 1099-INT form to a taxpayer to account for interest earned on tax refund payments due. For instance, if the taxpayer overpaid his obligation for the year, the state revenue office may pay him interest for the time the office held onto the extra funds. The same is sometimes true for localities -- towns and cities.
Other Considerations
It is possible to receive more than one 1099-INT form in one year. For instance, if you have more than one bank savings account earning interest, you receive a form for each of those accounts. If you do not receive all of your 1099-INT forms by February 1, you can sometimes log into your bank accounts to retrieve the forms online. It is common for banks to provide printable 1099-INT forms for retrieval over the Internet.
In Feburary 2016 15,
A 1099-INT form summarizes the interest income you've received during the year. Interest income is the amount of money you receive on earnings from savings accounts, bonds and certain treasury accounts. The interest you earn on certain types of savings accounts is taxable, just like earned income from a job. The banks where you hold your accounts send these forms at tax time, usually before February 1.
Sections
The 1099-INT form shows basic information about you as the account holder, including name, address, and account number. In addition to the interest income earned for the year, it also shows any early withdrawal penalty and federal income tax paid on the earnings. If any of the interest earnings were tax-exempt, meaning that you weren't required to pay tax on the amount, that figure is also printed on the 1099-INT form.
1099-INT from the State
In some cases, the state may send a 1099-INT form to a taxpayer to account for interest earned on tax refund payments due. For instance, if the taxpayer overpaid his obligation for the year, the state revenue office may pay him interest for the time the office held onto the extra funds. The same is sometimes true for localities -- towns and cities.
Other Considerations
It is possible to receive more than one 1099-INT form in one year. For instance, if you have more than one bank savings account earning interest, you receive a form for each of those accounts. If you do not receive all of your 1099-INT forms by February 1, you can sometimes log into your bank accounts to retrieve the forms online. It is common for banks to provide printable 1099-INT forms for retrieval over the Internet.
In Feburary 2016 15,
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