Lewis,who Is Single,is Claimed as a Dependent by His Parents

question 85

Multiple Choice

Lewis,who is single,is claimed as a dependent by his parents.He received $2,000 during the year in dividends,which was his only income.What is his standard deduction for 2019?

• A)$1,100
• B)$2,000
• C)$2,350
• D)$12,200

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Definitions:

Process Costing System

An accounting method used to assign costs to units of production in industries where the production process is continuous.

Ending Work In Process

The balance of unfinished goods at the end of an accounting period, which includes material, labor, and overhead costs incurred.

Cost Reconciliation Report

A financial document summarizing the cost elements of a production process, including materials, labor, and overhead, to reconcile any variances between expected and actual costs.

Work In Process Inventory

Goods that are in various stages of production within a factory but are not yet completed.