In Each of the Following Independent Cases Determine the Total

question 7

Essay

In each of the following independent cases determine the total number of personal and dependency exemptions Ivan may claim.Assume that Ivan is single,32 years old and any dependency test not mentioned has been met.
a.Ivan provides 80% support of his nephew (age 17),who lives with him.During the year,the nephew has gross income of $4,800 and is a full time student.
b.Ivan and his two brothers each provide 20% of the support of their mother.The mother derives the remainder of her support from Social Security benefits of $9,300.
c.Ivan provides 60% support of his mother,age 69.His mother received dividend income of $3,350 and Social Security benefits of $8,500.

Recognize how a process cost system functions and the role of a production cost report.

Apply cost accounting principles in JIT and traditional process costing environments.

Understand the concept of equivalent units in process cost accounting.

Compute costs and equivalent units in various process costing scenarios, and prepare relevant journal entries.

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Definitions:

Intuitive

Relating to the ability to understand or know something without conscious reasoning; instinctive.

Centrated

Focusing attention on one aspect of a situation or object while ignoring others, a concept found in Piaget's theory of cognitive development.

Irreversible

A process or event that cannot be undone or reversed once it has occurred.

Symbolic Function

Piaget’s term for ability to use mental representations (words, numbers, or images) to which a child has attached meaning.