Kyle and Liza Are Married and Under 65 Years of Age.During

question 93

Multiple Choice

Kyle and Liza are married and under 65 years of age.During 2019, they furnish more than half of the support of their 19-year old daughter, Kendra, who lives with them.She graduated from high school in May 2018.Kendra earns $15,000 from a part-time job, most of which she sets aside for future college expenses.Kyle and Liza also provide more than half of the support of Kyle's cousin who lives with them.Liza's father, who died on January 3, 2019, at age 90, has for many years qualified as their dependent.How many dependents can Kyle and Liza claim?

• A)None
• B)One
• C)Two
• D)Three

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Definitions:

Depreciation

The systematic allocation of the cost of a tangible asset over its useful life.

Product Cost

The total expenditure incurred to manufacture a product or offer a service, including materials, labor, and overhead costs.

Conversion Cost

The total cost of converting raw materials into finished products, typically including labor and overhead expenses.

Direct Materials

Raw materials that can be directly traced to the production process of a specific good or service.